NAB to Cut 2,500 Jobs as Bank Moves to Simplify Operations

3-line summary

• National Australia Bank will cut up to 2,500 jobs over the next year, about 6% of its fiscal 2027 internal workforce, concentrated mainly in corporate functions and senior management, with the bank saying there will be no material impact on customer-facing banking roles; NAB also plans to significantly reduce reliance on consultants and external contractors.
• The move follows a broader review of workforce and operating models amid deteriorating economic conditions, rising customer expectations, competitive pressure, and rapid technological change, aiming to reduce duplication and improve decision speed and execution; CEO Andrew Irvine said the strategy itself is unchanged. Australian banks face slowing housing activity, intensifying competition, and rising operating costs, and NAB warned in August that property tax changes would significantly slow 2027 mortgage growth.
• NAB will book a pre-tax restructuring charge of about A$300 million (about $209 million) in fiscal 2027 for severance, relocation, and organizational redesign, versus about A$80 million each in fiscal 2025 and 2026; up to 1,500 positions will be cut by the end of 2026, with the rest completed by the end of September 2027. NAB said it will begin consultation with staff and the Finance Sector Union, offering redeployment, retraining, and career-transition support. NAB shares fell 2.8% to A$38.795 on the announcement, while the S&P/ASX 200 fell 0.7%.

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