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NAB: $6.64 Billion in Profit Rewarded With 6000 Job Losses

NAB has announced a $6.6 billion profit while also announcing 6000 workers would lose their jobs by the end of FY20.

This means almost 1 in every 5 workers that helped to deliver $6.64 billion profit will not have a job within 3 years and will spend their Christmas break stressed about their future

Light on Detail
NAB was unable to provide any real detail about the changes and could not say how it determined that 6000 jobs need to be cut.  NAB has not said what this means across different business units and geographical areas, or even when different units would be impacted.

Urgent Meeting with CEO
We have called an urgent meeting with the CEO, Andrew Thorburn and key members of the Executive Leadership Team to get answers to concerns raised by FSU members. You can send feedback to nabmembers@fsunion.org.au.

“The Bridge” Too Little Too Late
While NAB has announced that it wants to be a leader in career transition services, “The Bridge” does not provide the support that workers need. 

The FSU has negotiated industry leading job security provisions including training and development and NAB must honour the agreement by providing real assistance to the people impacted by these changes while they are still employed at NAB. “The Bridge” is too little too late.

Urgent Need for an Industry Plan
We all know our industry is changing rapidly, with billion dollar investments in digitisation and automation.

Now more than ever the finance industry needs a plan for the future. At the centre of the plan must be a view of people before profits; A fair transition for employees into a new more agile and digital economy, a professional and skilled workforce and customers who have the confidence that the industry is working for their best interests.

Membership Matters
Please share this update with your colleagues.

Being a member of the FSU helps you control your future. By joining, you stand side by side with thousands of finance workers to support a plan for our industry including training and development and genuine career transition support for all workers for the jobs of the future.

As an individual, you receive support, advice and representation when you need it most.

Join online today: http://www.fsunion.org.au/Join-the-FSU/default.aspx.

Contact Details
Finance Sector Union Member Rights Centre
Ph: 1300 366 378

Authorised By: Julia Angrisano, National Secretary
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