(Bloomberg) -- National Australia Bank Ltd. has moved to shake up its markets division, with dozens of role changes that could result in at least three redundancies, a person familiar with the matter said.
Australia’s biggest lender to businesses has decided to eliminate 23 roles in its markets division and create 20 new ones, according to the person. Current staff will be eligible to apply for the added positions as part of a proposed new structure that still has yet to go through a period of consultation with employees, said the person, who asked not to be named as the matter was still confidential.
The person didn’t elaborate on what roles would be affected.
“We regularly look at the way we work to ensure we are delivering the best banking experience for our clients,” the bank said in an emailed statement. “The environment we operate in is constantly changing, so too are our clients’ needs and expectations, and we want to have the right capabilities, structures, products and services to help our clients grow and succeed.”
The changes, first reported by the Australian Financial Review, would affect bankers that handle the firm’s foreign exchange, bond, and commodities trading business lines as well as M&A financing. They would also be the first sign of belt tightening by Australia’s four biggest lenders, long after many of the world’s largest investment banks first began paring back staff.
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“These decisions are always difficult and our priority is ensuring we provide care and support to those individuals impacted,” the bank’s statement said.
The proposal comes even as the lender seeks to maintain a lead in its flagship division of small- and medium-sized business lending thanks in large part to its large cohort of business bankers across Australia.
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