National Australia Bank Limited (NAUBF.PK,NAB.AX) is planning to cut about 170 jobs across the country ?as part of a restructuring of its business division, according to a report by Reuters, citing the Finance Sector Union.
The proposal involves 447 roles redundancies and creation of ?277 new onshore positions, resulting in a net loss ?of about 170 jobs across the nation, the report added. Additionally, the bank proposed generating new 237 opportunities offshore, especially in India and Vietnam.
Union National President Wendy Streets said that the workforce overhaul would transfer skilled jobs to lower-cost markets overseas.
Currently, NAB.AX is trading at AUD 42.56, down 0.33 percent on the ASX.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.