NAB plans to cut up to 2,500 jobs by mid-2027
The bank expects up to 1,500 roles to go before the end of 2026 and has flagged an approximately A$300 million pre-tax restructuring charge.
National Australia Bank has announced workforce reductions affecting about 6 per cent of its employees, with as many as 2,500 jobs to be cut by mid-2027. The bank said the changes would focus particularly on corporate functions.
In an ASX statement on 20 October, NAB said up to 1,500 positions would go before the year ends. It also plans to substantially scale back its reliance on external contractors and consultants.
Chief executive Andrew Irvine said customer-facing banking positions would not be materially affected. He said senior management roles had been targeted for deeper changes, broadening the responsibilities of leaders across NAB.
The bank said the restructure was intended to simplify operations and align staffing with customer-focused growth and technology initiatives. Irvine said reducing duplication and making decisions faster were expected to improve customer outcomes.
NAB flagged an approximately A$300 million pre-tax charge for the restructure, with further details due alongside its full-year results on 5 November. Irvine acknowledged the difficulty for affected staff and said they would be treated respectfully.
