National Australia Bank Cuts 6,000 Jobs, Shifts Staff to Digital

The National Australia Bank today announced it is slashing its workforce by 12%, or 6,000 job losses, over the next three years. It will devote more resources to digital banking in future.

NAB is following in the footsteps of Nordea Bank and Japan’s Mizuho Bank, both of which announced job cuts this week.

Andrew Thorburn, the banks’s CEO, cited digital banking as the reason.

At a press briefing Thursday, Thorburn said:

As transactions move to digital channels — and this is driven by our customers — we will need fewer people.

While 6,000 NAB employees will be losing their jobs over the next three years,  Thorburn said that actual loss will be closer to 4,000, since 2,000 of those employees will be reshuffled into new digitally focused positions.

Read more at ABCnews and Bloomberg.