National Australia Bank to cut 2,500 jobs amid digital shift
National Australia Bank (NAB) is letting go of 2,500 staff, with the bulk of the redundancies occurring before the end of this year, as it tries to adapt to tougher economic times and fast-changing tech in banking.
That's about 6% of its workforce.
NAB isn't alone. Other big banks like ANZ have made similar cuts recently.
NAB says cuts will reduce consultants
NAB says the move will help it work smarter and rely less on outside consultants. But the Finance Sector Union worries remaining employees could face more stress and heavier workloads.
Finance professor Angel Zhong calls this part of a bigger industry shift toward digital banking.
With Australia's unemployment rate now at its highest in nearly five years (4.7%), these job cuts show how banks are adjusting to a tougher economy and going more digital than ever before.