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Up to 1,500 roles are expected to go by the end of 2026, with the biggest reductions set to fall on corporate functions rather than customer-facing banking roles.
National Australia Bank (NAB) is planning to cut up to 2,500 jobs, equivalent to around 6% of its workforce, as part of a major restructuring aimed at simplifying its operating model and redirecting resources towards growth and technology priorities, according to the bank’s official statement.
Under the plan, up to 1,500 roles are expected to be removed by the end of 2026, with the broader workforce reduction set to be completed by mid-2027.
The cuts are expected to fall most heavily on corporate functions rather than customer-facing banking roles. NAB also plans to “materially reduce its use of consultants and external contractors”.
NAB Group CEO Andrew Irvine said the changes are intended to reduce duplication, speed up decision-making, and create a simpler and more efficient organisation, while improving productivity, risk outcomes, and execution.
“We have also deliberately made deeper changes to senior management positions which will broaden leadership responsibilities across the bank. This will simplify work between teams and improve cross-functional processes with clearer roles, priorities and accountabilities for our colleagues,” Irvine said.
He acknowledged that the changes would be difficult for affected employees and pledged that the bank would treat them “with dignity and respect” throughout the process.
As such, NAB will consult employees and the Finance Sector Union, while providing affected colleagues with:
- Consultation and engagement opportunities;
- Redeployment and reskilling opportunities;
- Career transition support; and
- Redundancy entitlements in accordance with applicable industrial instruments and employment obligations.
The overhaul comes as NAB reviews its workforce needs amidst more challenging economic conditions, rising customer expectations, intensifying competition, and rapid technological change.
The restructuring is expected to result in a pre-tax charge of around A$300mn in 2027, covering redundancy, redeployment, and organisational redesign costs.
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