Australia's NAB to Cut 2,500 Jobs in Major Bank Restructure
National Australia Bank announced it will eliminate up to 2,500 positions — about 6% of its workforce — by mid-2027, citing rapid technological change and the need to reduce duplication, triggering a 2.9% share-price drop and union outrage.
National Australia Bank (NAB), one of Australia's 'Big Four' lenders, announced on October 20, 2026, that it will cut up to 2,500 roles — roughly 6% of its approximately 40,000-strong workforce — by mid-2027. Up to 1,500 of those positions are earmarked for elimination before the end of calendar 2026. CEO Andrew Irvine cited 'rapid technological change' and the need to 'simplify the operating model and reduce duplication,' while stressing that customer-facing banking roles would not be materially affected. The bank flagged a pre-tax restructuring charge of approximately A$300 million, with full details expected at its full-year results announcement on November 5. NAB shares fell 2.9% on the news, extending a 7% decline for the year. The Finance Sector Union condemned the move as 'disgraceful corporate spin,' with a spokesperson calling the timing — weeks before Christmas — particularly callous. NAB also plans to substantially reduce its reliance on external consultants and contractors. The announcement follows similar workforce reductions at ANZ and Bendigo Bank, pointing to a sector-wide wave of technology-driven restructuring across Australian banking.
