With some help by Ted Shifrin, I was able to find a solution:
First let $f:X\rightarrow Y$ be smooth, $Z\subset Y$ and $f$ transverse to $Z$. Then it is a well known fact that $W = f^{-1}(Z)$ is a submanifold.
I want to show that $N(W,X) \cong f^*N(Z,Y)$ by defining a suitable bundle isomorphism:
Let $x\in X$ be such that $f(x)\in Z$. It is known see here that $T_xW = (df(x))^{-1}(T_{f(x)}Z)$. Consider the induced map $g: T_x X\rightarrow T_{f(x)}Y/T_{f(x)}Z$, $v\mapsto df(x)[v]+T_{f(x)}Z$. The kernel of this map is $$\text{ker}(g) = (df(x))^{-1}(T_{f(x)}Z) = T_xW.$$
By transversality, we find the image of $g$ to be
$$ \text{im}(g) = (df(x)(T_xX) + T_{f(x)}Z)/T_{f(x)}Z = T_{f(x)}Y/T_{f(x)}Z,$$
so we obtain an isomorphism $T_{x}X/T_xW\overset{\sim}{\longrightarrow} T_{f(x)}Y/T_{f(x)}Z$ induced by $df(x)$. This map induces a bundle isomorphism $N(X,W) = TX/TW \cong f^* TY/TZ = f^*N(Z,Y)$.
For the original question: Let $M = F^{-1}(\Delta_Z)$. Denote by $\pi_i:Z\times Z\rightarrow Z$ the projections onto the first and second factor, respectively. The kernel of $d\pi_2$ is exactly $\pi_2^* TZ$ and the restriction of $d\pi_2$ to $T\Delta_Z$ defines an isomprhism to $\pi_2^*TZ$. So $\pi_1^*TZ$ is isomorphic to the normal bundle of $T\Delta_Z$ in $Z\times Z$.
Let $(x,y)$ be such that $f(x) = g(y)$, then transversality gives $$dF(x,y)(T_{(x,y)}X\times Y) + T_{F(x,y)}\Delta_Z = df(x)(T_xX) + dg(y)(T_yY) + T_{F(x,y)}\Delta_Z = T_{f(x)}Z + T_{g(y)}Z = T_{F(x,y)}(Z\times Z),$$
so $F$ is transverse to $\Delta_Z$. Thus, $M$ is indeed a submanifold of $X\times Y$ and $$ T(X\times Y)/TM = N(M,X\times Y) \cong F^*N(\Delta_Z,Z\times Z) \cong F^*\pi_1^* TZ.$$
Since $\pi_1\circ F\circ j_X = f$, where $j_X:X\hookrightarrow X\times Y$, we can write $$ TM = TX + TY - f^*TZ.$$
There might be some minor technical issues but the idea should (hopefully) be correct.