Banking News

NAB to boost tech workforce by 600

NAB to boost tech workforce by 600

(10 November 2017 – Australia) National Australia Bank (NAB) has announced that it aims to hire 600 technology specialists before Christmas, in a bid to overhaul its workforce.

The bank will focus on candidates with experience in software engineering, data, architecture and security as it, and its competitors seek to become more digital focussed, and responsive in the face of increased competition.

"We know this is an ambitious target and acknowledge the war for talent is intense, but these are the essential skills and roles we need," NAB chief technology officer Patrick Wright sai.

Wright says the bank is keeping a close eye on challengers including more than 500 Australian fintech start-ups that he will be competing with for staff.

"We understand what the fintechs across the world are doing, and we think we can do better, but we need to move now, invest in the right systems and people, and change dramatically," Mr Wright said.

The bank has made two new appointments to get the technology initiative underway, hiring HSBC's digital CIO Yuri Misnik as executive general manager business enabling technology and Scotiabank technology expert Kyle McNamara as executive general manager of program management office.

The bank says its workforce needs to adapt and evolve at the same pace as other industries in order to thrive.

NAB announced last week that it would boost technology spending by A$1.5 billion to a total of A$4.5 billion, adding a total of 2000 technology specialists by 2020. The 2000 full-time positions will only partially offset plans to reduce the workforce by 6000 full-time equivalents (FTEs).

NAB CEO Andrew Thorburn delivered a 2.5 percent increase in cash profit for the financial year to A$6.64 billion.

He said the bank needed to be "a lot harder, and tougher, and more disciplined" around costs, committing to $1 billion in annual cost savings.

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