Story perspectives

NAB to cut 2,500 jobs, charging A$300 million

By Drooid · Oct 20, 2026, 2:54 PM UTC · How we work

Summary

Story summary

National Australia Bank (NAB) will cut up to 2,500 jobs, about 6% of its workforce.
Up to 1,500 of those positions will be eliminated by the end of 2026.
The restructuring will trigger a pre-tax charge of about A$300 million in FY 2027.
Cuts target corporate functions and senior management, sparing customer-facing roles.
Shares fell 2.8% to A$38.795 after the announcement, lagging the S&P/ASX 200.

History

Historical Context

During the 2008 financial crisis, Citigroup reported a $30 billion loss, prompting the Federal Reserve’s intervention. That wave of banking restructurings set a precedent for later cutbacks across the sector, and in 2024 National Australia Bank announced up to 2,500 role reductions and a A$300 million charge, echoing the same cost-saving pattern.

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Story summary

National Australia Bank (NAB) will cut up to 2,500 jobs, about 6% of its workforce.
Up to 1,500 of those positions will be eliminated by the end of 2026.
The restructuring will trigger a pre-tax charge of about A$300 million in FY 2027.
Cuts target corporate functions and senior management, sparing customer-facing roles.
Shares fell 2.8% to A$38.795 after the announcement, lagging the S&P/ASX 200.

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