NAB sell-off could see more redundancies, union says
The move by National Australia Bank to exit its MLC wealth division could see another round of redundancies that could see staff cuts at the bank of almost 20 per cent, the Finance Sector Union of Australia said.
FSU National Secretary Julia Angrisano said NAB had previously announced 6,000 of its staff would be made redundant, and that front-line staff were not to blame for the significant problems that were being brought to light by the Royal Commission.
Angrisano said the Royal Commission was uncovering some “shocking evidence” but that shouldn’t result in financial services workers losing their jobs.
“The FSU believes it would be more appropriate that significant decisions that impact thousands of workers were made in the context of the findings and recommendations of the Royal Commission,” she said.
“We all want a strong and profitable banking system but that should not be at the expense of the NAB’s customers or its staff.”
However, speaking to the media on Thursday, NAB chief executive Andrew Thorburn said the work towards the MLC divestment began nine months ago and was consistent with NAB’s move towards “simplifying” the bank.
Thorburn said the bank “would not make a decision that’s this major based on a couple of weeks of evidence at the Royal Commission – respecting the Royal Commission’s importance”.
“We purchased MLC in 2000. This is a major decision of the bank, and we would not make it on the space of some noise and some shameful things that have happened.”
MLC Super CEO Matthew Lawrance also said it would be “business as usual” in the day-to day operations at MLC, and that it would also continue to invest in its core business.
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