NZ workers face chop as NAB unveils crisis strategy

Hundreds of workers at National Australia Bank - possibly including contract workers in New Zealand - may face the chop next week when the bank unveils its new strategy to battle the financial crisis.

NAB, which has a global workforce of 40,000, is expected to announce a slew of job cuts on March 12, including contractors and permanent staff, newspapers report.

NAB's new chief executive, Cameron Clyne, who earlier this year stepped up from heading the bank's BNZ subsidiary on this side of the Tasman, has been working on a new strategy for the parent bank since he took over.

Clyne's plan is expected to hit the banks' contract workers in Australia and New Zealand - particularly in technology support areas.

The news comes as another blow for the Australian banking sector, which has seen a run of job cuts: earlier this week Goldman Sachs said that 5 per cent of its Australian workforce was in line for the chop, while the ANZ has cut around 800 jobs.

- NZPA