NAB expects to lay off 222 employees as the banking job cuts wave hits Oceania.

The Finance Sector Union (FSU) disclosed to Reuters that the National Australia Bank (NAB) plans to cut 222 logistic positions. This change will affect several departments of the bank, including personal direct loans, technology and operations, corporate financing, and customer coverage areas.

The FSU noted that NAB's layoff plan will result in a significant number of employees losing their jobs, while hundreds of others will be reassigned to different positions. FSU National Secretary Julia Angrisano expressed deep concern over the planned additional reduction of 400 million Australian dollars (approximately 255 million US dollars) in costs announced in NAB's third-quarter financial report, indicating the possibility of further job cuts in the future.

Recent reports released by NAB show that although the bank's cash profits increased by 5% in August, its third quarter, profit margins are trending downward due to intense competition in housing loans and rising deposit costs.

A spokesperson for NAB told Reuters, "Our environment is constantly changing, and to enhance productivity and better support customer service, it is necessary to cultivate skills, capabilities, and organizational structures that meet development requirements. This means that some positions may no longer be needed, or adjustments are necessary to support other teams."

Furthermore, several major banks, including the Commonwealth Bank of Australia and Westpac Banking Corp, are also cutting or planning to cut hundreds of jobs to reduce costs due to high interest rates and inflation issues.