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The National Australia Bank Logo is seen on a branch in central Sydney, Australia, February 8, 2018. REUTERS/Daniel Munoz/File Photo Acquire Licensing RightsSept 14 (Reuters) - National Australia Bank (NAB) (NAB.AX) said on Thursday it would shut its Hong Kong branch, as offices in Singapore, Tokyo and Shanghai were its preferred customer outreach hubs in Asia. The move is likely to impact about 50 roles in the Hong Kong, however, the lender said in a statement that its "too early" to confirm the impact of the branch closing. "The decision probably reflects that foreign businesses are not finding operating conditions in Hong Kong as conducive as they once were," said Tim Waterer, chief market analyst at KCM Trade. The office shutdown comes after Finance Sector Union said earlier this month that the bank was planning to cut 222 back-office jobs.

Persons: Daniel Munoz, Tim Waterer, NAB's, Navya Mittal, Subhranshu Sahu, Rashmi Organizations: National, REUTERS, National Australia Bank, NAB, KCM, Westpac, Finance Sector Union, Thomson Locations: Sydney, Australia, Hong Kong, Singapore, Tokyo, Shanghai, Asia, Bengaluru

☆ Aussie lender NAB to cut 222 back-office jobs, says trade union
▼ + stars: | 2023-09-07 | by ( Poonam Behura | ) www.reuters.com time to read: +1 min

The National Australia Bank Logo is seen on a branch in central Sydney, Australia, February 8, 2018. REUTERS/Daniel Munoz Acquire Licensing RightsSept 6 (Reuters) - National Australia Bank (NAB.AX) is planning to cut 222 back-office jobs, the Finance Sector Union (FSU) said in an emailed response to Reuters. FSU, a white-collar trade union, said NAB’s restructuring will impact its departments such as Personal Direct Lending, Technology and Operations, Corporate Finance and Client Coverage. "This means certain roles may no longer be required or need to be moved to support other teams." NAB reported a 5% jump in third-quarter cash earnings in August, including a decline in its margins due to higher home lending competition and deposit costs.

Persons: Daniel Munoz, Julia Angrisano, Poonam, Shilpi Majumdar, Devika Organizations: National, REUTERS, National Australia Bank, Finance Sector Union, FSU, Reuters, Technology, Corporate Finance, NAB, Australian, Commonwealth Bank of Australia, Westpac Banking Corp, Thomson Locations: Sydney, Australia, Bengaluru

☆ Australia No.3 bank clinches union deal for staff to work from home
▼ + stars: | 2023-07-14 | by ( Byron Kaye | ) www.reuters.com time to read: +3 min

SYDNEY, July 14 (Reuters) - National Australia Bank (NAB) (NAB.AX), the No.3 lender, reached a deal that lets employees work from home, a union said on Friday, one of the world's first to give private-sector staff legal protection for remote work. This week the Australian federal body that sets public sector wages also agreed to a union request for uncapped work from home days. Some of Australia's biggest companies, including NAB and larger rival Commonwealth Bank of Australia (CBA) (CBA.AX), have set minimum office attendance requirements. A CBA spokesperson said the bank respected its existing union agreement "and those matters that require consultation". 2 bank Westpac (WBC.AX) and the FSU are currently negotiating a new enterprise deal which includes the question of whether to allow work from home, the union said.

Persons: CBA's, Byron Kaye, Jamie Freed, Lincoln Organizations: SYDNEY, National Australia Bank, NAB, Finance Sector Union, FSU, Australia's, Commonwealth Bank of Australia, CBA, Fair, Commission, Westpac, Thomson

☆ Australia No.3 bank reaches union deal that lets staff work from home
▼ + stars: | 2023-07-14 | by ( Byron Kaye | ) www.reuters.com time to read: +2 min

SYDNEY, July 14 (Reuters) - National Australia Bank (NAB) (NAB.AX), the country's No.3 lender, reached a deal that lets employees work from home, a union representing staff said on Friday, one of the first in the world to give legal protection for remote work. The deal breaks new ground in a global standoff between private sector companies and their staff since employers started calling an end to home-working arrangements that were precipitated by COVID-19. Some of Australia's biggest companies, including NAB's larger rival Commonwealth Bank of Australia (CBA) (CBA.AX), have set minimum office attendance requirements but the country's capital city office vacancies remain around one-sixth, far higher than pre-pandemic levels. The deal comes after the FSU took CBA, the country's biggest bank which has 49,000 staff, to the industrial regulator this week over a directive to return to the office 50% of the time. In Australia, the federal government agency that sets public sector wages agreed this week to a union request for uncapped days spent working from home.

Persons: CBA's, Byron Kaye, Jamie Freed Organizations: SYDNEY, National Australia Bank, NAB, Finance Sector Union, FSU, Australia's, Commonwealth Bank of Australia, CBA, Fair, Commission, Thomson Locations: U.S, Australia

☆ Australia's central bank owes underpaid workers over $770,000
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, June 14 (Reuters) - Australia's central bank will pay out just over A$1 million in back pay after an internal review found on Wednesday the bank had systematically underpaid more than a thousand current and former employees. A review into the Reserve Bank of Australia's (RBA) "more complex remuneration arrangements" identified 1,173 current and former staff owed roughly A$1.15 million ($777,975), according to a statement on Wednesday. Most of the money owed came from leave entitlements that should have been paid out when staff left the bank, the bank said. The bank should be setting an example for the broader sector on pay and was right to apologise, according to Julia Angrisano, national secretary of the Finance Sector Union. ($1 = 1.4782 Australian dollars)Reporting by Lewis Jackson; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Julia Angrisano, Philip Lowe, Lewis Jackson, Kim Coghill Organizations: SYDNEY, Reserve Bank of Australia's, Finance Sector Union, BHP, PricewaterhouseCoopers, Thomson Locations: Australia

☆ Westpac to layoff 300 workers in business and retail unit, says trade union
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +1 min

June 12 (Reuters) - Australian lender Westpac Banking Corp (WBC.AX) will cut around 300 jobs in its consumer and business banking segments at a time of strong profit growth amid rising interest rates and soaring inflation, a local trade body said. The Finance Sector Union of Australia (FSU) said on Friday the country's third-largest bank would reduce headcount from its Consumer and Business Banking Division, citing a Westpac internal memo seen by the union. 2 mortgage provider reported a 22% rise in its first half net profit to A$4.00 billion ($2.70 billion) amid a high-inflationary environment. The bank could not be reached immediately for a comment on account of a public holiday on Monday. ($1 = 1.4839 Australian dollars)Reporting by Rishav Chatterjee in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Julia Angrisano, Rishav Chatterjee, Rashmi Organizations: Westpac Banking Corp, Finance Sector Union of Australia, FSU, Consumer, Business Banking, Westpac, Reuters, ANZ Group, National Australia Bank, DBS, Australia's, Thomson Locations: Bengaluru

Jan 19 (Reuters) - New Zealand's ruling Labour Party is looking for a new leader after Prime Minister Jacinda Ardern's shock resignation on Thursday. A Labour Party vote for a new leader will take place on Sunday; the party leader will be prime minister until the next general election. He was senior adviser to two education ministers and served in the office of former Prime Minister Helen Clark. KIRI ALLANNew Zealand’s Minister of Justice, Kiri Allan, 39, would become the country's first prime minister of Maori descent, as well as the country’s first openly gay leader if elected. MICHAEL WOODMichael Wood, 42, has swiftly scaled Labour party ranks since joining parliament in 2016 after a landslide by-election victory.

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