Financial planners exempt from NAB cut backs

financial-planners/national-australia-bank/cent/

3 April 2009
| By Corrina Jack |
image
image image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

The succession dilemma is more than just a matter of commitments.This isn’t simply about younger vs. older advisers. It’...

1 month 2 weeks ago

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

2 months 1 week ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

2 months 2 weeks ago

ASIC has canceled the AFSL of Sydney-based asset consultant and research firm....

1 week 5 days ago

The Reserve Bank of Australia has announced its latest interest rate decision following this week's monetary policy meeting....

3 weeks ago

A former financial adviser who stole $4.4 million from his family and friends to feed gambling debts has been permanently banned by ASIC....

3 weeks 4 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
moneymanagement logo