Australia's NAB to Cut 2,500 Jobs in A$300 Million Restructure

A National Australia Bank branch (file photo)

National Australia Bank will cut up to 2,500 jobs over the next year as it simplifies its operations, becoming the latest of Australia's Big Four banks to shrink its workforce.

NAB, Australia's second-largest lender by market value, told the stock exchange on Tuesday that it aims to eliminate about 6 percent of its roles by the end of its fiscal year in September 2027. Around 1,500 of the cuts will happen before the end of 2026.

The cuts will fall largely on corporate functions rather than customer-facing staff, and the bank also plans to sharply reduce its use of consultants and contractors. The restructure will cost about A$300 million (US$209 million) in charges.

Chief executive Andrew Irvine said deeper changes to senior management would broaden leadership responsibilities and speed up decision-making. "There will be no material impact to customer-facing banking roles," he said, adding that affected employees would be treated with dignity and respect. Consultation with staff and the Finance Sector Union begins this week. The move follows rival ANZ, which began cutting about 3,500 employees last year. Banks are under pressure from rising interest rates, a cooling property market and uncertain consumer spending. NAB shares fell about 2.5 percent on Tuesday, the biggest drop among the Big Four. The bank employs more than 41,000 people worldwide and will release full-year results on November 5.

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