Ironically, despite the impact of technology and the decline in traditional roles, the NAB has tried to sweeten the news with its announcement that 2000 new digital “high tech” positions will be created in the bank.
According to chief executive Andrew Thorburn, who announced the job cuts on Thursday, the banking industry is under pressure to reshape its workforce and "as transactions move to digital channels, and this is driven by our customers, we will need fewer people".
Thorburn says the creation of new digitally-focused jobs means the actual net loss of jobs across the NAB will be around 4000, and as 60% of its business moves online over three years.
The 2016 profit of $352 million profit was primarily the result of the NAB’s sales, at a loss, of its UK and life insurance businesses.
The NAB chief says the job cuts are part of the bank’s plan to achieve $1 billion in annual savings through automation of processes previously performed manually.
And the cost cutting also includes a reduction in the number of products offered by the bank, and changes to its branch network.
Thorburn flagged the closure of some bank branches, but the opening of new branches in the growth corridors in western Sydney and Melbourne.