National Australia Bank to cut 170 jobs amid offshore expansion

Published Thu, Mar 26, 2026 · 07:44 PM

[BENGALURU] Australia’s Finance Sector Union (FSU) said on Thursday (Mar 26) that National Australia Bank (NAB) is proposing to cut about 170 jobs across the country. This comes as part of a restructuring of its business division that will also create new roles offshore.

The union, which represents bank workers across Australia, said the proposal would make 447 roles redundant while creating 277 new onshore positions, resulting in a net loss of about 170 jobs nationwide.

Separately, NAB, the country’s No 2 lender by market value, is also proposing to create 237 new offshore roles, primarily in India and Vietnam, the union added.

The bank said that the changes were part of its strategy to build a “modern workforce”, and that it would continue hiring and developing staff in Australia, particularly in customer-facing roles.

However, the bank did not confirm the number of jobs affected by the move.

The bank said the proposed roles in India and Vietnam would operate as an extension of its Australian teams, helping deliver more consistent outcomes for customers.

FSU national president Wendy Streets said the overhaul would shift ongoing skilled roles to lower-cost offshore markets, although she acknowledged improvements to redeployment pathways for some affected staff.

In its latest annual report, NAB said it has more than 38,000 colleagues globally, with around 76.6 per cent of its permanent headcount based in Australia, implying that it has roughly 29,000 staff in the country.

Across the sector, rivals have also announced job cuts. In September 2025, ANZ said it would cut about 3,500 jobs and 1,000 contractors under new chief executive officer Nuno Matos.

Commonwealth Bank said in July that it was cutting 45 jobs as part of a shift towards artificial intelligence-driven operations, drawing criticism from the FSU. REUTERS