National Australia Bank has proposed reducing its business division headcount by 447, the business-focused bank confirmed on Thursday.
It is also creating 277 new jobs in Australia, as well as in offshore engineering centres in India and Vietnam, so its total Australian headcount would fall by 170 under the proposed changes.
"These decisions are always difficult, and we understand the impact on our colleagues," a NAB spokesperson said.
"Our priority is to support them through redeployment opportunities, access to confidential assistance, and practical career transition services."
NAB was continuing to hire and develop people in Australia, especially in customer-facing roles, the spokesperson said, adding its workforce in Australia has grown over the past five years.
The proposal would allow NAB to build on its teams in India and Vietnam, where the bank has "innovation centres" staffed with analysts, data engineers, software engineers and operations specialists.
All of the major banks have been implementing redundancies in recent months.
Westpac in the past several weeks trimmed over 200 jobs and more redundancies are expected, the Finance Sector Union said on March 12.
The Commonwealth Bank proposed cutting 300 jobs, mostly in technology, in February.
ANZ in September began cutting around 3500 jobs at the bank and over 1000 contractor roles, which the bank described as part of a bid to reduce duplication and complexity.
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