Bank aims to 'strengthen proprietary home lending' as 2,500 roles on the chopping block
NAB will cut up to 2,500 jobs, or about 6% of its internal workforce, in the 2027 financial year, with up to 1,500 roles to go before the end of 2026.
The major bank announced the cuts on Tuesday, saying it will also materially reduce its use of consultants and external contractors.
“Our ambition and strategy remain unchanged. We will improve productivity, risk outcomes and execution to be a simpler and more efficient bank,” NAB chief executive Andrew Irvine said.
“These changes are expected to improve outcomes for customers by reducing duplication and speeding up decision making.
“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.”
NAB said the cuts will create capacity to grow business banking, drive deposit growth and strengthen proprietary home lending.
NAB expects a restructuring charge of about $300 million pre-tax in FY27. That compares with about $80 million in each of FY25 and FY26. The bank will begin consultation with staff and the Finance Sector Union (FSU).
“We know this will be a difficult period for our colleagues impacted by these changes as well as the people around them. We will treat every person with dignity and respect,” Irvine said.
NAB will release its FY26 results on 5 November 2026.
