National Australia Bank plans to cut up to 2,500 in-house jobs in fiscal 2027
In short
National Australia Bank (NAB) plans to cut up to 2,500 internal jobs in fiscal 2027, about 6% of its in-house staff. Jiemian reported that up to 1,500 of the cuts are due before the end of 2026. The bank also expects a pre-tax restructuring charge of about A$300 million in fiscal 2027.
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National Australia Bank (NAB) announced on 20 October that it is changing its operating model and plans to cut up to 2,500 internal jobs in fiscal 2027, Jiemian reported. The cuts equal about 6% of internal staff. CLS and 36Kr also reported the figure of up to 2,500 jobs and the 6% share. [ 1 , 2 , 3 ]
According to Jiemian, up to 1,500 of the roles will go before the end of 2026. The bank said customer-facing banking roles will not be materially affected. 36Kr, citing Sina Finance, said the bank's statement described the cuts as mainly aimed at management and back-office roles, and put the workforce at about 42,000 employees. [ 2 , 3 ]
NAB expects to recognise a pre-tax restructuring charge of about A$300 million in fiscal 2027, mainly for job cuts, redeployment and organisational changes, Jiemian reported. 36Kr gave the same A$300 million figure and converted it to US$209 million. Jiemian said the charge compares with about A$80 million in each of fiscal 2025 and fiscal 2026. [ 2 , 3 ]
The bank will also sharply reduce its use of consultants and external contractors. 36Kr said the bank stated this would improve decision-making and remove duplicated work. 36Kr described the moves as a way to advance business reform in response to sharper industry competition, economic weakness weighing on home lending, and fast technology change. [ 2 , 3 ]
Why it matters
The documents present the cuts as part of a change in how the bank operates, and 36Kr links it to industry competition, weak economic conditions weighing on home lending and rapid technology change. The documents do not report any reaction from staff, unions or investors.
Key facts
- NAB plans to cut up to 2,500 internal jobs in fiscal 2027, about 6% of its internal staff. [ 1 , 2 , 3 ]
- Up to 1,500 of the roles are to go before the end of 2026, according to Jiemian. [ 2 ]
- The bank expects a pre-tax restructuring charge of about A$300 million in fiscal 2027, mainly for job cuts, redeployment and organisational changes. [ 2 , 3 ]
- Jiemian said the comparable charges in fiscal 2025 and fiscal 2026 were about A$80 million each. [ 2 ]
- NAB will also sharply reduce its use of consultants and external contractors. [ 2 , 3 ]
- The bank said customer-facing banking roles will not be materially affected, according to Jiemian. [ 2 ]
- 36Kr, citing Sina Finance, said the cuts will mainly target management and back-office roles and affect 6% of about 42,000 employees. [ 3 ]
Confirmed by several sources
Still unclear
- How many of the 2,500 cuts fall before the end of 2026. Only Jiemian says up to 1,500 roles will go by the end of 2026.
- Which roles are affected. 36Kr says management and back-office roles are the main target, while Jiemian says customer-facing roles will not be materially affected; neither gives a fuller breakdown.
- The size of the headcount base. Only 36Kr gives about 42,000 employees as the base for the 6% figure.