National Australia Bank (NAB) has launched an A$50m ($34.6m) education programme named ‘Banking 101’ to re-educate its workforce and rebuild trust in the country.

The bank has asked all its 34,000 employees to enrol in the programme as the course is made compulsory.

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The syllabus of the course is developed in partnership with the Financial Services Institute of Australasia (FINSIA).

The programme is expected to cover banking fundamentals and skills needed to support customers. The bank claims that the programme will serve as a career pathway for its staff.

NAB CEO Ross McEwan said: “We want the very best bankers in Australia, and globally, to be at NAB. That’s how we will serve our customers well.

“Every one of our 34,000 colleagues will take part in this programme. This qualification will be the cornerstone of a career pathway.”

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In a separate statement, FINSIA said that it has selected the UK-based Chartered Banker Institute (CBI) as the awarding body for the qualifications.

According to sources, the move comes after McEwan was tasked to rebuild the bank’s reputation after the government pinned the management for its misconduct in the banking industry.

The Royal Commission inquiry in 2018 found that banks in the country put profits above all else, which led to poor outcomes for customers.

The banks set aside more than A$6bn to compensate overcharged customers for financial products or those who were charged fees without receiving any services.

Reports emerged stating that the globally accredited education programme is 60-hours long and will commence in October this year.