BENGALURU: National Australia Bank (NAB) has said it will cut up to 2,500 jobs, or about 6% of its workforce, in 2027, to simplify its operations while grappling with a challenging outlook for credit growth.
Australia’s biggest business lender said up to 1,500 roles would go by end-2026, with reductions largely targeting corporate functions rather than customer-facing banking roles.
It also plans to materially reduce its use of consultants and contractors.
The overhaul will result in a restructuring charge of about A$300mil before tax in 2027, related to redundancy, redeployment and organisational redesign costs.
The charge compares with about A$80mil before tax incurred in each of 2025 and 2026, NAB said.
Chief executive officer Andrew Irvine said the changes were aimed at improving productivity, risk outcomes and execution, while making the bank “simpler and more efficient”.
The bank said the measures would create capacity for continued investment in key priorities, including growing business banking, increasing deposits and strengthening its home lending business.
The job cuts follow a period of mounting pressure on Australian banks as weaker housing activity, rising competition and higher operating costs weigh on earnings. — Reuters
