Business

NAB to cut up to 2,500 jobs, starting before Christmas

Up to 1,500 roles are expected to go before year's end, with the Finance Sector Union calling the timing disgraceful.

A National Australia Bank branch. Digitally illustrated image.

By Bushletter Newsroom · 20 October 2026

TLDR

National Australia Bank will shed up to 2,500 roles across FY27, with 1,500 positions gone before the end of 2026. Senior management faces deeper cuts than the broader workforce, and reliance on external consultants will fall. The Finance Sector Union called the cuts so close to Christmas disgraceful.

1,500 roles to go before the end of 2026

National Australia Bank announced on 20 October 2026 that it would cut up to 2,500 internal roles, about six per cent of its workforce, during FY27, with up to 1,500 of those positions expected to go before the end of 2026.^[1]

The restructure will also materially reduce NAB's use of external consultants and contractors, the bank said in its ASX disclosure.^[1] Senior management will bear deeper reductions than the broader workforce, while customer-facing roles will not be materially affected.

Bank frames cuts as a speed and duplication fix

Group Chief Executive Officer Andrew Irvine said the changes were designed to improve service delivery. "These changes are expected to improve outcomes for customers by reducing duplication and speeding up decision making," Irvine said.^[1]

NAB disclosed a pre-tax restructuring charge of approximately $300 million forecast for FY27.^[1] That figure compares with approximately $80 million in each of FY25 and FY26.^[1]

Union condemns timing ahead of Christmas

Finance Sector Union National Assistant Secretary Nicole McPherson said: "The FSU is appalled by today's announcement that NAB will be slashing 2500 jobs across the bank by mid-2027, including a mammoth 1500 cuts by Christmas this year. To take a wrecking ball to 6 per cent of one of Australia's largest workforces this close to Christmas is disgraceful and shows that NAB's leadership is completely detached from the lived experience of their workers."^[2]

NAB said it would begin consultation with colleagues and the Finance Sector Union.^[1] NAB said it would give further details on its FY27 cost outlook with its FY26 results on 5 November.^[1]

KEY TAKEAWAYS

01Up to 1,500 of the 2,500 roles will be cut before the end of 2026, NAB disclosed to the ASX.

02A $300 million pre-tax restructuring charge is forecast for FY27, up from roughly $80 million in each prior year.

03Senior management faces deeper reductions than the broader workforce, NAB said in its ASX filing.

04Customer-facing roles will not be materially affected, according to the bank's announcement.

05Finance Sector Union National Assistant Secretary Nicole McPherson described the cuts as disgraceful.

SOURCES & CITATIONS

FREQUENTLY ASKED QUESTIONS

How many NAB jobs are being cut and when?

NAB announced it will cut up to 2,500 roles across FY27. Up to 1,500 of those positions are expected to go before the end of 2026, with the remainder to follow by mid-2027.

Will customer-facing NAB staff lose their jobs?

NAB said in its ASX disclosure that customer-facing roles would not be materially affected by the restructure.

What is the Finance Sector Union's position?

National Assistant Secretary Nicole McPherson described the announcement as disgraceful, saying NAB's leadership was completely detached from the lived experience of their workers.

How much will the restructure cost NAB?

NAB expects to recognise a pre-tax restructuring charge of approximately $300 million in FY27, compared with about $80 million in each of FY25 and FY26.