NAB Plans Up to 2,500 Role Cuts by 2027

National Australia Bank plans to cut up to 2,500 roles, about 6% of its workforce, by the end of its fiscal year on Sept. 30, 2027. Roughly 1,500 positions are expected to go by the end of 2026. The bank set out the plan in an ASX filing on Tuesday, Oct. 20, 2026, and expects a pretax restructuring charge of about A$300 million. The cuts are largely focused on corporate functions. NAB also plans a material reduction in consultants and external contractors. It says customer-facing roles will not be materially affected. Andrew Irvine, identified as NAB Group chief executive, said the bank knows this will be a difficult period for colleagues impacted and the people around them, and that every person will be treated with dignity and respect. He said NAB will improve productivity, risk outcomes and execution to be a simpler and more efficient bank, reduce duplication, speed decision-making, and shrink corporate functions. In its market filing NAB said the actions will help make it a stronger bank, better placed to navigate more challenging economic conditions, rising customer expectations, competitive intensity and rapid technological change. Savings are meant to free capacity for investment in business banking, deposit growth and proprietary mortgage lending. ANZ cut about 3,500 jobs, or 8% of its workforce, last year.