The NAB, the second-biggest bank in Australia, has been finalising consultations with the Finance Services Union (FSU) over the cuts.
The redundancies impact staff working in the personal lending, technology, corporate finance and client coverage departments.
The FSU yesterday held an urgent meeting of members this week to discuss the job cuts.
A spokesperson for the NAB said today the bank regularly monitored the way it worked.
"We regularly look at the way we work to ensure we are serving our customers well. The environment we operate in is constantly changing and we need to have the right skills, capabilities and structures to improve productivity and better support our customers.
"This means certain roles may no longer be required or need to be moved to support other teams.
"These decisions are always difficult and we understand the impact they can have on our colleagues."
"When colleagues are impacted, our priority is to consult with affected employees and the FSU, maximise redeployment opportunities, minimise retrenchments, seek and match (as far as possible) employee preferences, and ensure our colleagues are supported through the appointment of transition coaches and the employee assistance program."
FSU national secretary Julia Angrisano said there was concern about further job cuts after the NAB's third-quarter trading statement said it was targeting an additional $400 million in cost cuts.
"That can only mean more jobs are about to go which has had a devastating effect on staff morale," she said.
This latest report of NAB redundancies comes after the bank decided last month to axe about 60 jobs from its markets division as part of a restructuring operation.
Competitors Commonwealth Bank of Australia and Westpac have been shedding jobs to cut costs amid rising inflation and interest rates.
In July, the NAB announced its lowest-paid workers would receive a 17.5 per cent pay raise over the course of three years under a new pay deal.