National Australia Bank (NAB) has disclosed plans to cut as many as 2,500 internal positions by FY27, representing approximately 6% of its total workforce.
The reductions will take effect in phases, with up to 1,500 roles targeted for removal prior to the end of 2026, alongside a material scale-back in the engagement of third-party consultants and external contractors.
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The measures arise from an extensive review of the human capital required to deliver the lender’s ambition within an evolving operating environment, according to a statement from the bank.
NAB said the moves are designed to “simplify its operating model” while realigning staff to “prioritise growth and technology initiatives for customers”.
The restructuring is structured to generate operational capacity for sustained investment in core customer initiatives, the bank said.
In particular, the lender is focusing capital and personnel on the expansion of business banking, driving deposit growth, and strengthening its proprietary home lending franchise.
From a financial perspective, the bank anticipates booking a pre-tax restructuring expense of around $300m in FY27.
This provision accounts for the direct costs of redundancies, staff redeployment, and organisational redesign, marking a significant increase from the roughly $80m pre-tax charge incurred across both FY25 and FY26 individually.
Formal discussions regarding the planned staff departures will take place with the Finance Sector Union and affected personnel.
The bank said it will provide exiting employees with consultation and engagement sessions, career transition support, avenues for redeployment and reskilling, and contractual redundancy entitlements governed by applicable industrial instruments and employment obligations.
NAB Group CEO Andrew Irvine said: “Our ambition and strategy remain unchanged. We will improve productivity, risk outcomes and execution to be a simpler and more efficient bank.
“We are particularly focused on reducing the size of corporate functions. There will be no material impact to customer-facing banking roles.
“We have also deliberately made deeper changes to senior management positions which will broaden leadership responsibilities across the bank.”
The restructuring follows an earlier round of staff rationalisation last year, in which the bank eliminated more than 400 jobs within its technology and enterprise operations division.
