00:03Business as usual outside NAB's Sydney office, but inside, a different story.
00:08Some 1,500 jobs will be gone by Christmas.
00:12Another 1,000 are set to follow by the middle of next year.
00:15In total, about 6% of NAB's workforce is being cut, with corporate roles bearing the brunt.
00:21In a statement, NAB's boss says,
00:23These changes are expected to improve outcomes for customers by reducing duplication and speeding up decision making.
00:30The union representing bank employees says workers have been left in the dark.
00:35There's a huge amount of anxiety at the moment because people simply don't know if they're going to be on
00:39the chopping block or not.
00:41Concern 2 from the government.
00:43We always have concerns when there are job losses. We need to continue to make sure that we have a
00:49strong economy.
00:50NAB is trying to appease shareholders, saying it's working to become a simpler, more efficient institution.
00:56But banks are under growing pressures from rising interest rates, falling property prices and increasingly cautious borrowers.
01:04While AI wasn't specifically mentioned in today's announcement, experts say its impact is clear.
01:10AI is coming to replace workers and you can see that the first indications of that in a somewhat innovative
01:17way are occurring at the NAB.
01:18As the axe falls on NAB's Australian workforce, the bank is aggressively expanding roles offshore to Vietnam and India.
01:26The mass sackings are expected to cost the bank about $300 million in redundancies.
01:49So, we are engaged in alerting what the bank involved and the bank via within the bank incredibly important to
01:52the bank.
01:52In the meantime, we are able to obtain capital bills that have a $300 million in the bank.
