National Australia Bank set to cut 10% of market-unit jobs: AFR

NATIONAL Australia Bank plans to cut about 10 per cent of jobs at its markets division as early as this week, the Australian Financial Review’s Street Talk reported, citing unidentified people.

The cutbacks are expected to mainly affect capital markets employees in NAB’s corporate and institutional banking unit, part of the division’s staff of 600, the report said.

The plans to reduce headcount follow similar moves at NAB’s peers. Commonwealth Bank, Australia’s largest lender, said last month it would cut about 250 roles in technology, business and retail banking, the newspaper reported.

Westpac Banking Corp, meanwhile, axed around 400 roles in two stages of cuts, the AFR said in June.

The newspaper cited a NAB spokesperson as saying that the bank regularly looks “at the ways we work to ensure we are serving our customers well.”

If roles are affected by change “our priority is on ensuring we provide care and support to those individuals impacted,” the spokesperson said, according to the report. A NAB spokesperson did not confirm the cuts or provide any detail beyond the statement provided to the AFR, following a request for comment on Sunday. BLOOMBERG

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