National Australia Bank to cut up to 2,500 jobs as credit growth slows
National Australia Bank plans to cut up to 2,500 jobs, about 6% of its workforce, in 2027, including up to 1,500 roles by the end of 2026. The overhaul is expected to incur a A$300 million pre-tax restructuring charge in 2027.
1. Planned job cuts
National Australia Bank said it will cut up to 2,500 jobs in 2027 to simplify operations, with up to 1,500 roles going by the end of 2026. Reductions will largely target corporate functions rather than customer-facing banking roles, and the bank also plans to materially reduce its use of consultants and contractors.
2. Restructuring costs and context
The overhaul is expected to result in a A$300 million pre-tax restructuring charge in 2027, related to redundancy, redeployment and organisational redesign costs. The bank incurred about A$80 million in pre-tax charges in each of 2025 and 2026. CEO Andrew Irvine said the changes aim to improve productivity, risk outcomes and execution, while making the bank “simpler and more efficient.” The cuts follow the bank’s warning that housing credit growth would slow sharply in 2027.
