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National Australia Bank is set to axe 113 positions across its branches in an attempt to cut costs.

The bulk of the job cuts will come from NSW, where 75 branch staff are expected to lose their jobs.

Finance Sector Union national secretary Leon Carter has said that the bank was initiating a “slow death” by announcing a series of “small reductions” but when added up, the situation was much worse, amounting to “thousands of jobs.”

The bank announced yesterday that 95 support and management positions would be lost in business banking, offset by 155 new positions in NAB’s specialised and small to medium-sized enterprises division.

A spokesperson of the NAB, said that the changes to NSW jobs were designed to “improve the experience of our customers by making our bankers more available to them.”

However Carter believes it is a case of the industry “exploiting opportunities to use cheaper labour”, with close to 9000 jobs lost from the banking sector since July and a further 5000 moved offshore.

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