NAB to cut up to 2,500 jobs, about 6 per cent of its workforce, in a restructure
ABC News reported on 20 October that National Australia Bank will cut up to 2,500 jobs, about 6 per cent of its workforce, as it overhauls its operating model. The Sydney Morning Herald said the cuts would come over the next financial year, while ABC News described them as running to mid-2027. Capital Brief reported that up to 1,500 roles are expected to go before the end of 2026. The bank expects a pre-tax restructuring charge of about $300 million in the 2027 financial year, Capital Brief reported. Chief executive Andrew Irvine said the bank's ambition and strategy remain unchanged and that customer-facing staff are not affected, according to Capital Brief. The Finance Sector Union's national assistant secretary Nicole McPherson called the timing close to Christmas disgraceful. Capital Brief said NAB's stock exchange statement does not mention artificial intelligence.
A restructuring charge is booked up front, so the bank takes the cost in 2027 and expects lower staffing costs afterwards. Concentrating cuts in corporate functions and senior management is meant to protect branch and call-centre service while reducing duplication.
Customers should see no change to branches or phone service, according to the bank. NAB staff and their families can contact the Finance Sector Union or the bank's redeployment support for information about their entitlements.
NAB, as reported by ABC News and Capital Brief, presents the move as simplifying the organisation and speeding up decisions without changing its strategy.
The Finance Sector Union, quoted by Capital Brief, argues the cuts are a harsh blow to workers so close to Christmas, and ABC News published analysis asking whether big companies axing staff brings the economy closer to recession.
Confirmed: up to 2,500 roles, about 6 per cent of staff, and a $300 million charge, reported by Capital Brief and ABC News. Not confirmed: which divisions lose the most roles, or whether automation is the cause. Watch for union action and any redundancy detail.
DailyDrop Australia edition No. 17 · Morning · WED., OCT. 21, 2026