National Australia Bank will cut 410 jobs in its technology and enterprise division just one day after ANZ announced it was cutting 3500 full-time workers.
The big four bank announced the major restructure would impact 728 workers, including 410 permanent cuts to Australian jobs.
NAB intends to move some of these roles offshore, with 127 new positions in Australia, India and Vietnam.
“Like many businesses, we regularly look at the way we work and how we’re structured to deliver the best experience we can for our customers,” a NAB spokesperson told NewsWire.
In what is clearly bulls…t, a spokesperson said a global workforce was “helping the business generate better outcomes for customers, including extending operating hours, speeding up processes and improving turnaround times for customers.”
NAB’s profit to the June quarter is $1.66bn.
ANZ will cut 3,500 jobs by next September, with the company’s boss describing it as “the right thing to do”.
It comes as the bank reveals a broader restructure, which includes reducing “engagements with consultants and other third parties”.
ANZ released results for the half year to March 31 2025 with profit after tax of $3.6bn up 16 per cent on the previous half.
Last month the Commonwealth Bank backtracked on dozens of job cuts, describing its decision to axe 45 roles due to artificial intelligence as an “error”.
CBA said it had apologised to the affected employees after finding the customer service roles were not redundant despite introducing an AI-powered “voice-bot”.
According to KPMG, the major banks reported a combined profit after tax of $29.9 billion last financial year.
A little reminder from yesteryear:
In handing down his interim report last week at the financial services royal commission, the Honourable Kenneth Hayne was damning in his criticism of the behaviour of Australian bankers.
It wasn’t a lack of laws, guidelines or codes of conduct that led to the richest banks stealing from the poorest Australians, the commissioner argued, it was simply greed.
Australia’s big four banks are among the most profitable in the world. In fact, the profits of the big four banks account for 2.4% of gross domestic product.
Of every $100 produced in Australia, $2.40 goes to the shareholders of the big four banks.