‘Despicable’: Union calls out NAB for major job cuts

The Finance Sector Union has vowed to fight NAB’s recent announcement that 2,500 jobs would be cut from its workforce.

Earlier this week, National Australia Bank (NAB) said it would be axing 2,500 jobs total before the end of the 2026–27 fiscal year, with 1,500 to be removed before the end of the 2026 calendar year.

According to NAB chief executive Andrew Irvine, the cuts are part of the bank’s initiative to make outcomes more efficient and to improve productivity.

“We will improve productivity, risk outcomes and execution to be a simpler and more efficient bank,” he said.

The decision was slammed by the Finance Sector Union (FSU), which pointed out that for 1,500 families, this meant a tough festive season.

“NAB staff have suffered a year from hell after previous cuts and were no doubt looking forward to a break from the doom and gloom over Christmas,” said FSU national assistant secretary Nicole McPherson.

“Instead, their holiday cheer has been replaced with uncertainty over their futures.

McPherson added that the move was typical of what NAB thinks of its staff, which is as profit reducers. Staff were notified of the cuts via an email, which was sent out at the same time as the stock exchange announcement.

Management was also unable to answer questions at a meeting following the announcement, a meeting which Irvine did not attend. NAB also refused to answer if AI was involved in the decision to cut jobs.

“The actions of NAB management are despicable and have been compounded by the contemptuous way they have kept their workers in the dark,” McPherson said.

“NAB’s public statement today was nothing but corporate spin but its intention is clear – NAB sees its workers as a barrier to profits and a problem that can be swept aside with ruthless cuts.

“NAB workers are people – people with families, people with financial responsibilities, people who are already close to breaking point to deliver NAB its record profits. These people deserve to be treated with dignity and respect, and so far, NAB has shown them none.”

The FSU said it will meet with its NAB members in the coming days to determine the way in which it can best fight the decision. It has also called on Irvine to meet with the union to provide clarity and a better justification.

“Andrew Irvine will still enjoy a Merry Christmas courtesy of his self-administered $6.5 million annual paycheck, although he may face the wrath of investors who saw the bank’s overall 2025 FY profit drop to $6.7 billion over the same year,” an FSU statement said.

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