National Australia Bank to Cut Up to 2,500 Jobs in Major Restructuring

National Australia Bank (NAB) announced a restructuring that will eliminate roughly 2,500 positions—about 6 % of its global workforce of 41,880 employees reported on September 30 2025. The plan targets corporate functions and senior-management roles, while “customer-facing” banking jobs are to be spared. The bank cites tougher economic conditions, rising customer expectations, intensified competition and “rapid technological change” as drivers. Industry analysts note that similar cuts have already occurred at rival ANZ, reflecting a broader shift in Australian banking toward leaner, technology-focused operations.

National Australia Bank to cut up to 2,500 jobs in major operating model overhaul

• Jobs affected: up to 2,500 (? 6 % of staff).

The Guardian

• Timing: up to 1,500 roles to be removed by the end of 2026; the remainder by mid-2027.

National Australia Bank to cut up to 2,500 jobs in major operating model overhaul

• Financial impact: a pre-tax restructuring charge of about A$300 million expected in FY 2027, compared with roughly A$80 million in each of FY 2025 and FY 2026.

NAB to cut 2,500 jobs as bank moves to simplify operations

• Share reaction: reports vary—one source noted a 2.8 % fall in NAB shares to A$38.795, while another cited a 7 % decline in the year-to-date price.

NAB to cut 2,500 jobs as bank moves to simplify operations

Further details on the FY 2027 cost outlook are scheduled for release with the FY 2026 financial results on November 5 2026.

National Australia Bank to Cut 2,500 Jobs as Lending Slows

McPherson also warned that other banks might follow suit, further eroding job security in the sector.

The Guardian

• Share-price impact: one outlet reported a 2.8 % decline on the day of the announcement, while another cited a cumulative 7 % drop for the year. Both figures are attributed to separate market analyses.

The Guardian

• AI linkage: NAB’s statement downplays direct AI replacement of roles, yet a government report released in July identified “cognitive” positions—such as administrative and programming jobs—as highly exposed to AI. The extent to which AI drives the current cuts remains unquantified.

The Guardian

• “The banks are investing heavily in technology and AI, and redesigning their base workforce for a much more digital banking model,” — Angel Zhong, a professor of finance at RMIT

The Guardian

• “It will wreak chaos and entrench a culture of anxiety at a bank that seems hell bent on self-destruction,” — Nicole McPherson, national assistant secretary

The Guardian

• “We will improve productivity, risk outcomes and execution to be a simpler and more efficient bank. 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,” — Andrew Irvine, chief executive

The Sydney Morning Herald

• “When they make billions and billions of dollars a year, we’re seeing that even though they could absolutely afford to have a quality workforce in Australia, they’re choosing not to because they’re choosing to pad their already massive profits at the expense of Australian workers,” — Nicole McPherson, national assistant secretary

The Sydney Morning Herald

• “Our ambition and strategy remain unchanged,” — National Australia Bank CEO

National Australia Bank cuts 2,500 jobs

NAB will begin consultations with employees and the Finance Sector Union in the coming weeks. The bank has pledged to report progress on contractor reductions and operating-expense targets in its upcoming financial disclosures through late 2026, and to provide a detailed FY 2027 cost outlook on November 5 2026.

National Australia Bank to Cut 2,500 Jobs as Lending Slows