National Australia Bank to cut 2,500 jobs in cost overhaul as credit growth slows
The figure is about 6% of its workforce.
National Australia Bank (NAB) announced plans to slash up to 2,500 jobs, or approximately 6% of its workforce, by 2027 as part of a cost reduction initiative. The restructuring aims to streamline operations amid a more challenging outlook for credit growth. The bank plans to eliminate around 1,500 positions by the end of 2026, primarily targeting corporate functions while minimizing impact on customer-facing roles.
An additional restructuring charge of about A$300 million (S$268 million) before tax is expected in 2027, accounting for redundancy, redeployment, and organizational redesign costs, a significant jump from A$80 million in each of 2025 and 2026. NAB CEO Andrew Irvine stressed the need for improved productivity, risk outcomes, and execution, emphasizing that the changes will create capacity for continued investment in key priorities, such as expanding business banking, boosting deposits, and strengthening proprietary home lending.
The job cuts come after a period of mounting pressure on Australia's banks, with weaker housing activity, rising competition, and higher operating costs weighing on earnings. In August, NAB had previously warned that housing credit growth would slow sharply in 2027 due to federal government property tax reforms, which dampened demand from homebuyers and investors.
As of September 30, 2025, NAB employed 41,880 people globally. The move follows a similar restructuring at ANZ, which announced plans last year to cut about 3,500 jobs by September 2026 as part of a simplification program to reduce duplication and lower costs.
Written by urgent.news from Straits Times Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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