National Australia Bank to cut 60 jobs reports
The National Australia Bank (NAB) is preparing to axe about 60 jobs from its markets division as part of a major restructuring operation, according to reports.
The move will affect 10 per cent of the 600 staff at the markets division within the bank’s corporate and institutional banking unit, the Australian Financial Review reports.
NAB, the nation’s second-largest bank, would start the layoffs as early as this week but is yet to announce the changes internally, the report said.
If confirmed, it would mean the NAB follows competitors Commonwealth Bank of Australia and Westpac in shedding jobs to cut costs amid rising inflation and interest rates.
A spokesperson for NAB told 9news.com.au it regularly monitored its business operations.
“We regularly look at the ways we work to ensure we are serving our customers well,” the spokesperson said.
“If change occurs that impacts roles, our priority is to ensure we provide care and support to those individuals impacted.”
In July, the NAB announced its lowest-paid workers would receive a 17.5 per cent pay raise over the course of three years under a new pay deal.
