NAB restructure hits technology and operations

NAB has restructured multiple divisions within the bank leading, with over 200 roles impacted by the changes, including positions across its technology and operations function.

The Finance Sector Union called an “urgent” meeting to discuss the announcement for today at midday.  

According to the union, “NAB has announced multiple significant restructures within the personal direct lending, technology and operations, and corporate finance and client coverage departments.

“These proposed changes will result in 222 roles being made redundant and hundreds of colleagues being displaced and repointed.”

A NAB spokesperson told iTnews the major bank “regularly” looks at “the way we work to ensure we are serving our customers well.”

“The environment we operate in is constantly changing and we need to have the right skills, capabilities and structures to improve productivity and better support our customers," the spokesperson said.

“This means certain roles may no longer be required or need to be moved to support other teams.

“These decisions are always difficult and we understand the impact they can have on our colleagues."

NAB said it wanted to "maximise redeployment opportunities, minimise retrenchments, [and] seek and match (as far as possible) employee preferences."

It would also offer access to "transition coaches and the employee assistance program”.

Other banks facing staffing changes in recent months including the Commonwealth Bank of Australia, which made 221 roles redundant, resulting in 88 job losses.

It said it will “redeploy as many [of those affected] as possible”.

Back in July, CBA also cut IT staff, including data architects and software engineers, as part of a larger round of personnel changes.

Westpac also conducted jobs cuts with around 300 jobs dumped from "corporate functions" that service its consumer and business bank division, with IT staff among those impacted.