Technology jobs slashed at NAB HQ

Three hundred jobs will be cut at National Australia Bank’s in information technology division at the bank’s headquarters in Melbourne. The loss of jobs follows the bank’s decision to write off more than $400 million worth of software and suspend work on an expensive but flawed IT system instigated four years ago. NAB plans to reallocate remaining IT development on a regional basis. This will include the integration of the MLC wealth management business within NAB’s Australian retail banking operations.