National Australia Bank has told the ASX it will cut up to 2,500 jobs, about 6 per cent of its workforce, by mid-2027. Up to 1,500 of those roles are due to go before the end of this year.
The bank also plans to sharply reduce its use of consultants and external contractors. It says the changes are about simplifying its operating model and putting more weight on growth and technology work.
Chief executive Andrew Irvine said customer-facing banking roles would not be materially affected. He said the focus is on corporate functions, with deeper changes to senior management so leadership responsibilities are broader.
NAB expects a pre-tax restructuring charge of about $300 million, with more detail due with its full-year results on 5 November. Other lenders have also been trimming staff, including ANZ and Bendigo and Adelaide Bank.
What it means for your money
Branch and call-centre service shouldn’t change much, according to NAB. If you work in banking or hold NAB shares, watch the 5 November results for the cost detail, and keep an emergency buffer if your industry is restructuring.
Source: ABC Business