National Australia Bank (NAB) will reduce 222 jobs in a significant office shake-up, lower than a month after posting a quarterly $1.75bn revenue.
The redundancies will affect employees within the private lending, know-how, company finance and consumer protection sectors, the Financial Services Union (FSU) has confirmed.
Hundreds of employees can be redeployed to different sections.
The FSU is consulting with NAB, Australia’s second-largest financial institution, on the cuts and expressed outrage the redundancies had been sweeping by means of lower than a month after the financial institution’s newest revenue haul.
FSU nationwide secretary Julia Angrisano stated there was additionally concern extra job cuts had been coming after NAB’s Q3 buying and selling assertion acknowledged it was concentrating on an extra $400m in value financial savings.
“That can only mean more jobs are about to go which has had a devastating effect on staff morale,” she stated.
“NAB is already under pressure for creating an internal working environment that requires employees to work excessive and unreasonable hours.
“The FSU has taken NAB to the federal court over employee workloads but this latest round of job cuts has raised concerns that the problem is going to become much worse.”
Ms Angrisano stated the financial institution ought to spend money on schooling and reskilling applications for these impacted to assist present future profession alternatives.
She additionally stated employees had misplaced religion within the main lender.
“The latest round of EA bargaining demonstrated that our members had lost faith in the NAB,” she stated.
“If NAB wants to improve its reputation with its staff it should genuinely engage workers in proper consultation before any announcement of change and impact to jobs.”
An NAB spokeswoman stated a choice to implement cuts was “always difficult” however the financial institution would seek the advice of with workers to minimise disruptions.
“When colleagues are impacted, our priority is to consult with affected employees and the FSU, maximise redeployment opportunities, minimise retrenchments, seek and match (as far as possible) employee preferences and ensure our colleagues are supported through the appointment of transition coaches and the employee assistance program,” she stated.
The spokeswoman additionally stated the financial institution operated in a “constantly changing” setting that demanded the precise expertise, capabilities and buildings to assist prospects.
“This means certain roles may no longer be required or need to be moved to support other teams,” she stated.
The NAB cuts observe a wave of redundancies within the monetary sector.
In July, Commonwealth Bank introduced it will slash 250 jobs and since May, Westpac has axed about 750 jobs.
Source: www.perthnow.com.au
