NAB to slash 2,500 jobs as banking giant unveils major overhaul

National Australia Bank will cut 2,500 jobs over the next year as it plans to ‘simplify’ its operating model.

The banking giant made the announcement on the ASX on Tuesday morning after carrying out a ‘broader review’ of the workforce.

‘We know this will be a difficult period for our colleagues impacted by these changes as well as the people around them,’ NAB Group chief executive Andrew Irvine said.

‘We will treat every person with dignity and respect.’

As part of these actions, NAB expects to reduce its internal workforce by up to 2,500 roles or approximately six per cent during the 2026-27 financial year.

This will include up to 1,500 roles before the end of 2026. There are also plans to reduce the use of consultants and external contractors.

In the ASX statement, the bank said the actions will ‘simplify its operating model and better align its workforce to prioritise growth and technology initiatives for customers’.

‘We are particularly focused on reducing the size of corporate functions. There will be no material impact to customer-facing banking roles,’ Mr Irvine said.

‘We have also deliberately made deeper changes to senior management positions which will broaden leadership responsibilities across the bank.

‘This will simplify work between teams and improve cross-functional processes with clearer roles, priorities and accountabilities for our colleagues.’

More to come.