National Australia Bank will slash more than 400 jobs, adding to the number of workers losing employment in the sector, after ANZ's mass redundancy announcement on Tuesday.

NAB, Australia's second largest bank, will make the cuts in its technology and enterprise operations division, a move it says will simplify team structures.

"Like many businesses, we regularly look at the way we work and how we're structured to deliver the best experience we can for our customers," a NAB spokesperson said.

"While some roles are no longer required or may move location, we are also creating new roles across all locations as necessary, to ensure we are set up for success and can deliver better outcomes."

The Finance Sector Union criticised the lender's decision to cut the roles at the same time as hiri

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