Sweeping job cuts to hit thousands of NAB workers
An estimated 2500 jobs will be cut at National Australia Bank in the latest restructure at a major lender.
THOUSANDS of jobs will be cut at National Australia Bank, but the major lender is promising to shield customer-facing roles from the sweeping changes.
The big-four bank announced on Tuesday morning that 1500 jobs are expected to go before the end of 2026.
A total of 2500 staff – or about six per cent of its workforce – are set to go over the full financial year.
The move was designed to make the bank more efficient and would have no material impact on customer-facing positions, NAB chief executive Andrew Irvine said.
”These changes are expected to improve outcomes for customers by reducing duplication and speeding up decision making,” he said in a statement to investors.
”We have also deliberately made bigger changes to senior management positions which will broaden leadership responsibilities across the bank.
”We know this will be a difficult period for our colleagues impacted by these changes as well as the people around them. We will treat every person with dignity and respect.”
The bank will also reduce its use of consultants and external contractors.
The cuts were expected to result in restructuring costs of about $300 million in the 2027 financial year, NAB said.
In May, the bank reported a near-20 per cent fall in 2026 first-half statutory net profit, although its preferred metric of cash net profit – which excludes large items – was flat at $3.59 billion against the same period a year earlier.
NAB’s result was supported by strong growth of 5.4 per cent in its business and private banking arm and a higher net interest margin, which reflects its earnings on lending activity.
The bank flagged plans in March to reduce its domestic workforce, proposing to cut 447 positions from its business division.
But NAB said it continued to hire and develop people in Australia, especially in customer-facing roles.
The bank is the latest to announce sweeping job cuts, with rival ANZ previously drawing widespread criticism for its “unhinged” decision to cut thousands of jobs.
ANZ announced in 2025 that it would slash 3500 staff and 1000 contractors by September 2026 as part of the $560 million plan to simplify operations.
Bendigo and Adelaide Bank have also been preparing to axe 140 jobs across the company, according to the Finance Sector Union.
NAB’s share price was down more than two per cent to below $39 in late morning trade.
