The National Australia Bank has started cutting 1000 jobs - the first of 6000 positions to go over the next three years. The bank this morning confirmed the cuts were beginning.
"The proposed new structure will reduce the layers and complexity in the bank so that we can be simpler, make decisions faster and be even closer to our customers," said the NAB's Chief People Officer, Lorraine Murphy.
NAB last year announced it planned to save $1 billion by 2020 through automation.
The announcement was made at the same time the bank recorded a $5.3 billion profit.
The rise of on-line banking means branches are considered most likely to bear the brunt of cuts, as well as middle-management.
One thousand job cuts will be announced each half of the year for the next three years.
However the bank is also in the process of hiring 2000 more staff with skills in digital technology.
Existing staff will be offered the chance to apply for transition training to other roles, or redundancy.
Tens of thousands of jobs in the banking sector are considered vulnerable in the next few years.This article was first published by https://www.9news.com.auAuthor: Brett McLeod • Presenter and Reporter