National Australia Bank to Cut 2,500 Jobs by 2027

National Australia Bank announced it will cut up to 2,500 jobs, representing approximately 6 percent of its workforce, by mid-2027. The bank plans to eliminate up to 1,500 of these roles by the end of 2026 and intends to materially reduce its use of external consultants and contractors.

CEO Andrew Irvine stated the reductions target senior management and corporate functions to improve productivity and simplify the operating model. He asserted that customer-facing roles will not be materially impacted. The bank expects a pre-tax restructuring charge of approximately $300 million for the 2026-27 financial year.

The decision follows a 7 percent decline in the bank's share price this year and mirrors cost-cutting actions taken by ANZ. While the official statement cited challenging economic conditions and rapid technological change, Irvine has previously characterized AI as the fourth industrial revolution that will inevitably displace certain roles.