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FSU warns NAB that 6,000 job axings fail community expectations

The Finance Sector Union of Australia (FSU) has condemned the National Australia Bank (NAB) ahead of the start of its program to axe 6,000 jobs, saying that the dismissals do not meet community expectations.

With the spotlight on banks and their reputations, the FSU said that NAB should take this opportunity to rebuild its brand.

“Australians are watching the actions of our banks closely. Any bank that is serious about restoring its broader reputation has to demonstrate it treats its staff fairly and decently,” the FSU said.

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The Union said that the retrenchments showed how underprepared both the Government and banks were to deal with the consequences of digitisation and automation.

NAB would create 2,000 new technology roles while axing 6,000 other jobs. FSU national secretary, Julia Angrisano, said that there was no plan to reskill the existing, with those employees instead being “left behind.”

“Post-retrenchment support is too little too late, workers need to be reskilled to move into the jobs of the future now,” she said. “It’s critical the Government and Industry put workers first. Without workers, there is no finance sector.”

Having made a $6.7 billion profit last year, Angrisano said that Nab could afford to retrain its workers.

The FSU is currently building an industry plan that it said would guide a fair transition for workers in the finance sector to the jobs of the future.




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