Australia's NAB to cut up to 2,500 jobs – shares fall
National Australia Bank will shed about 6 percent of its workforce by mid-2027 and use fewer consultants. The union called the move "disgraceful" so close to Christmas.
Graphic: TERRA WORLD NEWS (own graphic based on the sources listed)
National Australia Bank (NAB), one of Australia's four major banks, plans to cut up to 2,500 jobs, about 6 percent of its workforce, by mid-2027, it told the Australian Securities Exchange (ASX) on Tuesday. Up to 1,500 roles will go before the end of 2026. NAB will also "materially reduce" its use of consultants and external contractors. The bank expects a restructuring charge of about 300 million Australian dollars before tax.
Chief executive Andrew Irvine said the changes should improve outcomes for customers by reducing duplication and speeding up decision-making. The bank is focused particularly on shrinking corporate functions, and customer-facing roles will not be materially affected. NAB cited "rapid technological change" among its reasons but did not directly mention artificial intelligence. More details are due with its full-year results on 5 November.
The Finance Sector Union (FSU) said it was "appalled". Taking a wrecking ball to 6 percent of the workforce this close to Christmas is "disgraceful", said national assistant secretary Nicole McPherson. Investors also reacted negatively: NAB shares were down 2.9 percent by late morning and have lost about 7 percent this year.