Financial planners exempt from NAB cut backs
Financial planners will be exempt as National Australia Bank (NAB) announces a cut of 113 jobs across its personal banking network while at the same time planning to add 60 new positions, according to a statement from the bank.
The bank advised that 75 roles would be lost in NSW while a further 38 full-time positions would be made redundant nationally.
A NAB spokesperson said financial planners would not be included in the cutbacks.
The announcement is the first in six months to affect branch staff in the industry, according to a Financial Sector Union (FSU) spokesperson.
Over the past six months the banking industry has seen widespread job cuts, however none have been customer-facing roles, the spokesperson said.
The FSU spokesperson said it hoped that those being targeted in this round of job cuts would get “first crack” at additional roles created, thereby reducing loss of experience.
During an audit of the NAB branches conducted by the FSU during December/January, it was revealed that 63 per cent of NSW branches reported understaffing, with similar results in other states.
Of the 60 new positions being created, 40 will be located in NSW and 20 in Victoria.
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