National Australia Bank cuts 2,500 jobs

Jobs to be cut

2,500 jobs

National Australia Bank (NAB) will cut up to 2,500 jobs, about 6 per cent of its workforce, with up to 1,500 to go before the end of 2026.

We will improve productivity, risk outcomes and execution to be a simpler and more efficient bank.

— Andrew Irvine, NAB chief executive

The bank said the cuts would have no material impact on customer-facing roles. The Finance Sector Union said it was appalled and fears other banks will follow.

Australia

NAB expects restructuring costs of about 300 million Australian dollars before tax, and will give more detail with its 2026 results on Nov 5.