National Australia Bank (NAB) said it will cut up to 2,500 jobs, about 6% of its workforce, over the next year to simplify operations and reduce costs, with up to 1,500 roles going by the end of 2026. The biggest reductions will hit corporate roles rather than customer-facing bankers, and NAB also plans to materially reduce its use of consultants and contractors. The overhaul will bring a pre-tax restructuring charge of about AU$300 million in 2027, compared with about AU$80 million in each of 2025 and 2026. NAB shares fell nearly 2.5% on the day, the steepest decline among the Big Four retail banks, and the Finance Sector Union criticised the move. The cuts follow weaker housing activity, rising competition and higher operating costs, and come after a similar restructuring at rival ANZ.
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