National Australia Bank Ltd, the nation's largest, may shift as many as 424 domestic jobs to India as it looks to cut costs, said Australia's Finance Sector Union.
The jobs in lending services, direct sales and customer service "deal with a range of highly sensitive personal data including credit and lending details, account details and personal information," said National Secretary of the Union.
A review of jobs has started, though it's too early to speculate how many might be moved, a spokesman for Melbourne-based National Australia said.
National Australia Bank cut employee numbers by 4.6 per cent to 39,062 in the fiscal year ended September 30 as it reined in costs to help regain profit growth, which slumped following a currency-trading scandal in 2004.
Operating expenses fell 4.4 per cent to 7.65 billion Australian dollar last year. They jumped 7.2 per cent in fiscal 2005.
The bank's review follows a decision at the end of last year to move 175 data, administration and processing jobs to Accenture Ltd and Genpact in India.