National Australia Bank to cut 2,500 jobs in major restructure

National Australia Bank (NAB) has announced plans to reduce its workforce by up to 2,500 roles, approximately 6% of its total staff, over the 2027 financial year. The restructuring aims to simplify operations, improve productivity, and reduce duplication within corporate functions. The bank expects to eliminate up to 1,500 positions before the end of the 2026 calendar year.

CEO Andrew Irvine stated that the changes are intended to help the bank navigate challenging economic conditions, increasing competition, and rapid technological shifts. He emphasized that the cuts would have no “material impact to customer-facing roles” and would include deeper changes to senior management positions to broaden leadership responsibilities. Additionally, the bank will significantly reduce its reliance on external consultants and contractors.

The restructuring is expected to incur a pre-tax charge of approximately AUD 300 million in FY27, covering redundancy, redeployment, and organizational redesign costs. This is a significant increase from the AUD 80 million charges recorded in FY25 and FY26. Following the announcement, NAB shares saw a decline of approximately 2–3%.