NAB to Cut 2,500 Jobs, With 1,500 Gone by Christmas 2026
National Australia Bank will cut up to 2,500 roles, about 6% of staff, mostly in back-office and senior management. 1,500 roles go by the end of 2026.
AustraliaIn brief
- NAB announced on 20 October 2026 that it will cut about 2,500 internal roles, around 6% of its workforce.
- About 1,500 roles will go by the end of 2026 and the rest by the end of the 2027 financial year.
- Cuts target back-office teams with duplicated work and senior management; NAB says customer-facing roles will not be materially affected.
- NAB expects the restructure to cost about $300 million in FY27, mostly redundancy payments.
| Country | Australia |
|---|---|
| Organization | National Australia Bank (NAB) |
| Official source | The New Daily – NAB to cut 2,500 jobs, 20 October 2026 ✓ thenewdaily.com.au |
National Australia Bank (NAB) will cut about 2,500 jobs in a major restructure, with around 1,500 set to go before the end of 2026. The bank announced the plan on 20 October 2026. The remaining roles will go by the end of its 2027 financial year.
The cuts equal about 6% of NAB's 41,880 staff worldwide. NAB will also use fewer consultants and external contractors.
Which roles are affected
| Detail | What NAB said |
|---|---|
| Roles cut | About 2,500 internal roles |
| By end of 2026 | About 1,500 |
| Rest | By end of FY27 |
| Main targets | Back-office teams doing duplicated work; senior management |
| Customer-facing roles | "Not materially" affected, per the CEO |
| Cost of restructure | About $300 million in FY27, mainly redundancy pay |
Chief executive Andrew Irvine said the bank's strategy has not changed. He said the aim is to remove overlap between departments and make decisions faster, and that affected staff would be treated with dignity. He said the cuts are not fundamentally about AI, but about "rapid technological change" and a simpler structure.
Union anger over timing
The Finance Sector Union (FSU) said it was appalled. The union's Nicole McPherson called the timing so close to Christmas disgraceful and warned that the cuts would cause anxiety and disruption for staff who already face heavy workloads.
This is NAB's second round this year. In March 2026, it cut 447 roles, and 237 were moved to India and Vietnam.
A weak jobs market
The cuts come as Australia's job market cools. According to the ABS, unemployment rose to 4.7% in September 2026, the highest since late 2021. Read our full report on Australia's September unemployment figures.
Other big banks have also been trimming staff. ANZ announced 3,500 cuts about a year ago, and CBA has removed about 1,000 roles in 2026. In the UK, Barclays is cutting 5,000 jobs for similar reasons.
What it means for job seekers
- If you work at NAB, ask HR about redundancy pay, redeployment options and your notice timeline now.
- Corporate and head-office jobs in banking are under pressure across Australia; branch and customer-service roles look more stable for now.
- Update your CV early. Hundreds of experienced finance workers may enter the market before Christmas.
- Consider related sectors such as insurance, superannuation, fintech and government finance, which also hire banking skills.
Frequently asked questions
How many jobs is NAB cutting?
About 2,500 internal roles, roughly 6% of its 41,880 global staff, plus fewer consultants and contractors.
When will the NAB job cuts happen?
Around 1,500 roles by the end of 2026, with the rest by the end of NAB's 2027 financial year.
Are NAB branch jobs affected?
NAB CEO Andrew Irvine said customer-facing banking roles would not be materially affected; the cuts focus on back-office and senior management.
What did the union say?
The Finance Sector Union said it was appalled and criticised the timing so close to Christmas.
Apply only through the official source.
Open official notice →TheJobSeek never charges for jobs and is not a recruitment agency. If anyone asks you to pay for a job offer or visa in the name of this article, it is a scam.
