Logo

NAB expects to lay off 222 employees as the banking job cuts wave hits Oceania.

TraderKnows
TraderKnows
05-09

The National Australia Bank (NAB) plans to cut 222 logistics positions, primarily due to high competition and rising deposit costs, while other major banks are also considering layoffs to reduce costs.

The Finance Sector Union (FSU) disclosed to Reuters that the National Australia Bank (NAB) plans to cut 222 logistic positions. This change will affect several departments of the bank, including personal direct loans, technology and operations, corporate financing, and customer coverage areas.

The FSU noted that NAB's layoff plan will result in a significant number of employees losing their jobs, while hundreds of others will be reassigned to different positions. FSU National Secretary Julia Angrisano expressed deep concern over the planned additional reduction of 400 million Australian dollars (approximately 255 million US dollars) in costs announced in NAB's third-quarter financial report, indicating the possibility of further job cuts in the future.

Recent reports released by NAB show that although the bank's cash profits increased by 5% in August, its third quarter, profit margins are trending downward due to intense competition in housing loans and rising deposit costs.

A spokesperson for NAB told Reuters, "Our environment is constantly changing, and to enhance productivity and better support customer service, it is necessary to cultivate skills, capabilities, and organizational structures that meet development requirements. This means that some positions may no longer be needed, or adjustments are necessary to support other teams."

Furthermore, several major banks, including the Commonwealth Bank of Australia and Westpac Banking Corp, are also cutting or planning to cut hundreds of jobs to reduce costs due to high interest rates and inflation issues.

Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

The End

Wiki

Inflation

Inflation refers to the phenomenon where the purchasing power of a country's (or region's) currency decreases, leading to a general rise in the prices of goods and services. It is reflected in the fact that, over a certain period, the same amount of money can only buy fewer goods and services.

Related News

Risk Warning

TraderKnows is a financial media platform, with information displayed coming from public networks or uploaded by users. TraderKnows does not endorse any trading platform or variety. We bear no responsibility for any trading disputes or losses arising from the use of this information. Please be aware that displayed information may be delayed, and users should independently verify it to ensure its accuracy.

Logo

Contact Us

Social Media

footer1