The National Australia Bank has announced it will axe up to 2500 jobs, or about 6 per cent of the workforce, over the next financial year.
The bank made the announcement on Tuesday morning, saying up to 1500 jobs will go before the end of the 2026 calendar year. It will also reduce its use of consultants and external contractors.
NAB chief Andrew Irvine said the moves are designed to make the bank more efficient and that the cuts will have no โmaterial impact to customer-facing rolesโ.
โWe will improve productivity, risk outcomes and execution to be a simpler and more efficient bank. These changes are expected to improve outcomes for customers by reducing duplication and speeding up decision-making. We are particularly focused on reducing the size of corporate functions.โ
โWe know this will be a difficult period for our colleagues impacted by these changes as well as the people around them. We will treat every person with dignity and respect.โ
More to come
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