National Australia Bank (NAB) expects to cut up to 2,500 jobs, or about 6% of its internal workforce, in FY27. Up to 1,500 of these roles are set to go before the end of 2026.
The bank will also materially reduce its use of consultants and external contractors.
The changes follow a broader review of the workforce needed to support NAB’s strategy.
According to NAB, this will better position it to manage risks and opportunities from challenging economic conditions, higher customer expectations, competitive intensity and rapid technological change.
The restructuring will create capacity for continued investment in its priorities of growing business banking, driving deposit growth and strengthening proprietary home lending.
Focus on corporate functions
Group CEO Andrew Irvine said NAB’s strategy remains unchanged, with the bank aiming to improve productivity, risk outcomes and execution.
“We are particularly focused on reducing the size of corporate functions. There will be no material impact to customer-facing banking roles,”
he said.
Irvine noted that the bank has deliberately made deeper changes to senior management, broadening leadership responsibilities.
He expects the changes to improve customer outcomes by reducing duplication and speeding up decision making.
Staff support and restructuring costs
NAB will begin consultation with employees and the Finance Sector Union.
Departing employees will be offered redeployment, reskilling and career transition support, as well as redundancy entitlements under applicable industrial instruments and employment obligations.
For FY27, NAB expects to recognise a pre-tax restructuring charge of about A$300 million, covering redundancy, redeployment and organisational redesign costs.
This compares with about A$80 million incurred in each of FY25 and FY26.
Further details on the FY27 cost outlook will accompany NAB’s FY26 results on 5 November 2026.
Featured image: Edited by Fintech News Australia, based on image by National Australia Bank (NAB) via its website.
