Sydney: National Australia Bank (NAB) has announced the reduction of 410 technology and enterprise roles in Australia while creating 127 new positions in India and Vietnam, as part of a major restructuring move aimed at boosting efficiency and aligning operations with global talent markets.

The bank confirmed that a total of 728 roles will be impacted, including redundancies, role relocations, and reorganizations. NAB defended the decision, stating it is focused on enhancing customer experience, accelerating operations, and positioning the right talent in the right locations.

The announcement sparked backlash from the Finance Sector Union (FSU), which accused NAB of betraying its workforce. FSU President Wendy Streets criticized the move, warning that outsourcing would damage local communities and weaken the domestic banking sector.

Despite the criticism, the market responded positively, with NAB’s share price rising 1.2 percent to A $43.29 on the day of the announcement.

NAB’s restructuring follows similar moves across the Australian banking sector. ANZ Group recently revealed plans to slash 3,500 jobs and 1,000 contractor roles, accounting for nearly 8 percent of its workforce, as part of a A$560 million restructuring plan under its new chief executive.

Analysts note that the cuts reflect a growing trend of banks offshoring operations and increasingly relying on automation and artificial intelligence. This shift has fueled concerns among workers, as technology adoption accelerates at the expense of traditional banking roles.