Unpaid work time reversed at NAB Servicing
Fleeting plans to make any and all breaks at work at one division of National Australia Bank "unpaid" may have been reversed over the weekend after the industry union kicked up a fuss.The Finance Sector Union on Friday advised members that "the management team at NAB Servicing has announced … all breaks are now unpaid and must be logged."NAB Servicing, on the FSU's version, defined an eight hour day as a rigid 480 minutes on the job for affected employees.A bank media adviser, responding to a query by Banking Day yesterday, said "there have been no changes to working hours for NAB group 1 and 2 employees, which include paid morning and afternoon breaks, as outlined in the 2016 NAB Enterprise Agreement."Staff at NAB Servicing (a section of the bank specialising in what was once known as "custody") work on detailed recording and reporting for asset managers and superannuation funds. It's a venture intended to produce cross sales of institutional banking services such as foreign exchange and cash management.This attempt at a cost saving measure, however fleeting, may be a reminder of the low and declining margins in a business unit spared by NAB from a trade sale only a year or so ago.Other major domestic banks all once offered corresponding services, with each opting to sell out to the handful of global giants - all linked to banks - that define this market.NAB is the last local bank to compete in this sector and seemingly obliged to consider idiosyncratic cost cutting measures.