NAB plans to axe 2.5k jobs

National Australia Bank (NAB) has confirmed that it will cut about 6 per cent of its entire workforce, equating to roughly 2,500 roles by the end of FY2026–27, including 1,500 by the end of the year.

In a post this morning (Tuesday, 20 October), NAB said it would be axing 2,500 jobs total before the end of the 2026–2027 fiscal year, with 1,500 to be removed before the end of the 2026 calendar year.

According to NAB CEO 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.

“These changes are expected to improve outcomes for customers by reducing duplication and speeding up decision-making. We are particularly focused on reducing the size of corporate functions.

“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.”

Irvine added that the cuts will not have a “material impact to customer-facing roles”.

Consultants and external contractors are also in the firing line, while senior management positions will also be affected by “deeper changes”, which will “broaden leadership responsibilities across the bank”, Irvine added.

The announcement follows 400 job cuts this year alone, which impacted the bank’s Australian technology and enterprise operations.

NAB said the cuts come as part of a $300 million restructuring initiative, which covers organisational redesign, redundancies and redeployment. It is unclear if any of the 2,500 jobs axed will be eligible for redeployment.

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