The Financial Sector Union has warned more jobs might face the guillotine as the National Australia Bank scrambles to improve its figures.

NAB has reportedly already cut around 600 jobs this year and the Union says more are set to go from the bank’s technology, administration and wealth management businesses.

The National Bank laid out plans to slice operating costs by $800 million a year over the next five years.

FSU national assistant secretary Geoff Derrick says: “We are worried that what that means is that more people are going to lose their jobs... the NAB has already announced to the markets a restructuring program which will save $800 million a year out of costs, and it's very clear that you can't take $800 million out of a business every year without affecting jobs.”

The Union has called on NAB to match the promise of other major Austrlian banks not to send jobs overseas.

“The biggest bank in Australia, the Commonwealth Bank, has guaranteed there will be no offshoring... the second biggest bank, Westpac, has put a moratorium on their offshoring until at least 2013 ... we think NAB should match those commitments,” Mr Derrick said.