NAB announces it will cut thousands of jobs

October 20, 2026 — 8:52amThe 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.The National Australia Bank has announced it will axe up to 2500 jobs over the next financial year.Renee NowytargerNAB chief Andrew Irvine said the moves are designed to make the bank more efficient and that the cuts will have no “material impact to customer-facing roles”.“We 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.”“We 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.”More to comeThe Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. Sign up to get it every weekday morning.From our partners