NATIONAL AUSTRALIA BANK PLANS UP TO 2,500 JOB CUTS

National Australia Bank (NAB) said on Tuesday that it plans to cut up to 2,500 jobs, equivalent to about 6% of its workforce, as part of a restructure. In an announcement to the ASX, the bank said it employs more than 41,000 people worldwide. NAB expects to remove up to 1,500 roles by the end of the year and complete the cuts by the next financial year. It also plans to reduce corporate functions and its use of consultants and external contractors. Chief executive Andrew Irvine cited “more challenging economic conditions, increasing customer expectations, competitive intensity and rapid technological change”.

NAB estimates that the restructure will cost about $300m before tax in the 2027 financial year, including redundancy and redeployment costs. The bank said the changes would reduce duplication and speed up decisions. Irvine said NAB’s strategy would remain unchanged and that the bank would seek to improve productivity and risk outcomes. Consultation with staff and the Finance Sector Union is due to begin this week. Union national assistant secretary Nicole McPherson said the cuts would affect a workforce already facing what she called unmanageable workloads.

ANZ announced 3,500 job cuts last year amid wider reductions across Australia’s banking sector. Angel Zhong, a finance professor at RMIT, said banks were investing in technology and artificial intelligence while redesigning jobs for digital banking. “This is not just cyclical cost cutting, it’s structural change,” Zhong said. A government report released in July identified administrative, programming and clerical roles as among the banking jobs most exposed to advances in artificial intelligence.