National Australia Bank to Cut 2,500 Jobs in Overhaul
The banking giant plans to simplify its operating model, reducing its workforce by approximately six percent over the next financial year.
National Australia Bank (NAB) announced Tuesday it will eliminate 2,500 jobs over the next year as part of a major operational overhaul aimed at simplification. The cuts represent approximately six percent of the bank's total workforce.
NAB Group chief executive Andrew Irvine stated that the bank will treat all affected employees with dignity and respect during this period. The company expects to reduce its internal workforce by up to 2,500 roles during the 2026-27 financial year. As part of these measures, at least 1,500 roles are slated for elimination before the end of 2026.
In addition to job cuts, NAB also plans to significantly decrease its reliance on external consultants and contractors. The announcement was made on the Australian Securities Exchange (ASX) following a comprehensive review of the bank's staffing structure. The bank has not yet provided further details on the specific departments or roles that will be affected by the workforce reduction.