Speculation around more NAB job cuts
Thirty three jobs within the National Australia Bank’s (NAB's) financial planning division could potentially be cut this year, according to Finance Sector Union national policy director Rod Masson.
The potential cuts are a result of restructuring at the bank and could be felt across the head offices of all states, Masson said.
Masson believes these would not necessarily be financial planner roles, but would come from within the bank's wealth management arm, MLC.
A spokesperson for NAB said the bank categorically denies the figure of 33, and in particular emphasised that the group was not looking to reduce financial planner practitioner numbers.
Between March 2008 and March 2009 MLC cut 209 full-time employee roles, but the bank said these losses were partly offset by increased numbers of financial planners.
Meanwhile, Masson said a “fair amount” of roles might also be cut from the New South Wales retail banking network.
This could include more than 200 roles across New South Wales, Masson said.
Recommended for you
Adviser Ratings’ latest financial landscape report finds there is a demographic of advice practices achieving an average revenue of $5 million, with only 3 per cent of practices overall seeing a revenue decline.
The FAAA is calling for regulators to take a partnership approach with financial advisers regarding incoming legislation, rather than treating the industry as “guinea pigs”.
There have been strong numbers of returning advisers this year so far, according to Wealth Data, already surpassing the same period for 2024.
Less than one-third of Australian business owners have an ongoing advice relationship, according to NAB Private Wealth, highlighting an unmet opportunity for the advice profession to target.
