Business · Companies · 2 hrs ago
NAB plans to cut up to 2,500 jobs by mid-2027
National Australia Bank plans to cut up to 2,500 jobs by mid-2027, about 6 per cent of its workforce.
The cuts affect the Australian bank's employees, with up to 1,500 roles going by the end of 2026.
NAB also plans to reduce its use of consultants and external contractors.
The bank says the changes will simplify how it operates, reduce duplication and support growth and technology work.
It says customer-facing banking roles will not be materially affected.
NAB expects to record about $300 million in pre-tax restructuring costs, and says it will provide more details with its full-year results on November 5.
The job cuts are part of a wider review of staffing and operations as the bank responds to changing customer expectations, competition and technology.
National Australia Bank plans to cut up to 2,500 jobs, about 6 per cent of its workforce, by mid-2027.
Up to 1,500 roles are expected to go before the end of 2026.
The bank also plans to materially reduce its use of consultants and external contractors.
NAB says the changes will focus on corporate functions and will have no material impact on customer-facing banking roles.
The bank expects to book about $300 million in pre-tax restructuring costs.
- Who
- National Australia Bank (NAB).
- What
- It plans to cut up to 2,500 jobs and reduce its use of consultants and external contractors.
- When
- By mid-2027, with up to 1,500 roles to go before the end of 2026.
- Where
- Australia.
- Why
- NAB says the changes will simplify its operating model and better align its workforce with growth and technology initiatives.
This story does not have two clearly opposing sides.
NAB announced plans to cut up to 2,500 jobs and reduce its use of consultants and external contractors.
Up to 1,500 roles are expected to be cut.
NAB is due to provide more details on restructuring costs in its full-year results announcement.
NAB plans to complete the cuts of up to 2,500 jobs.
- Planned job cuts
- Up to 2,500
- Share of workforce
- About 6 per cent
- First phase
- Up to 1,500 roles before the end of 2026
- Target completion
- Mid-2027
- Pre-tax restructuring costs
- About $300 million
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What people are saying
These changes are expected to improve outcomes for customers by reducing duplication and speeding up decision making
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.
These actions will help make NAB a stronger bank, better placed to navigate risks and opportunities arising from more challenging economic conditions, increasing customer expectations, competitive intensity and rapid technological change.