National Australia Bank (NAB) plans to cut up to 2,500 jobs, about 6% of its workforce, by its 2027 fiscal year. Up to 1,500 of those roles are expected to go before the end of 2026. The bank also plans to significantly reduce its reliance on consultants and external contractors.
The cuts are part of a broader overhaul to simplify NAB’s operating model and improve efficiency amid challenging economic conditions, increased competition and rapid technological change. They will primarily affect corporate and senior management positions, with no material impact expected on customer-facing roles.
NAB anticipates a pre-tax restructuring charge of about A$300 million in fiscal 2027.