NAB cuts 600 jobs: report

More job losses expected as bank chases $800 million in savings.

National Australia Bank (NAB) has sacked close to 600 staff in a push to find hundreds of millions of dollars in savings, The Australian Financial Review reports.

The newspaper, citing a tally being kept by the Financial Sector Union, said 438 positions were cut as a result of restructuring so far in 2013. Another 133 roles have been outsourced to overseas workers, taking the total to 571.

NAB is also said to have notified the union that around another 100 positions are under threat.

The cuts, felt mostly in NAB's IT, administrative support and wealth management divisions, come after the bank announced in March that it would slash $800 million in annual costs by 2018.

Want access to our latest research and new buy ideas?

Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.

Sign up for free

Related Articles