Australia's NAB to Cut 2,500 Jobs in A$300 Million Restructure — Update

By Stuart Condie

SYDNEY--National Australia Bank will cut about 6% of its workforce over the next 11 months as the lender simplifies its operating model.

NAB, which is Australia's second-largest lender by market capitalization, on Tuesday said it aimed to cut up to 2,500 roles by the end of its current fiscal year, which ends Sept. 30, 2027.

The bank said the move, which is largely focused on corporate roles, would result in a pretax restructuring charge of 300 million Australian dollars, equivalent to US$209.4 million.

About 1,500 jobs will be cut by the end of 2026, NAB said. It also plans to materially reduce its use of consultants and external contractors.

"These actions will help to make NAB a stronger bank, better placed to navigate risks and opportunities arising from more challenging economic conditions, increasing customer expectations, competitive intensity and rapid technological change," NAB said in a market filing.

NAB's productivity drive comes with banks' margins under pressure from rising interest rates, a property market slowdown, and an uncertain outlook for consumer spending. Wages growth and rising input prices are also weighing on business customers.

ANZ, another of Australia's so-called Big Four banks, last year began cutting about 3,500 employees, equivalent to 8% of its workforce.

NAB said savings from its cuts would create capacity for ongoing investment in business bank growth, deposit growth, and proprietary mortgage lending.

Write to Stuart Condie at stuart.condie@wsj.com

(END) Dow Jones Newswires

October 19, 2026 18:11 ET (22:11 GMT)