NAB to axe thousands of jobs as it ‘simplifies operating model’

The axe has come down on thousands of jobs at NAB as the bank moves to “prioritise growth and technology initiatives for customers”.

The big four bank revealed about 6 per cent of its more than 41,000-person workforce would be cut in an announcement to the ASX on Tuesday.

It announced 1500 roles would be axed by the end of the year, with a further 1000 to go by July as it cuts back on consultants and contractors.

NAB said the cuts are part of an attempt to make it “better placed to navigate risks and opportunities arising from more challenging economic conditions, increasing customer expectations, competitive intensity and rapid technological change”.

CEO Andrew Irvine said they’re also 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,” Irvine said in the statement, adding: “There will be no material impact to customer-facing banking roles.”

“We have also deliberately made deeper changes to senior management positions which will broaden leadership responsibilities across the bank.

“This will simplify work between teams and improve cross-functional processes with clearer roles, priorities and accountabilities for our colleagues.”

Irvine acknowledged it will be a “difficult period for our colleagues impacted by these changes as well as the people around them” and vowed to “treat every person with dignity and respect”.

The statement also acknowledges a $300 million pre-tax cost to restructure the company.

“The charge relates to redundancy, redeployment and organisational redesign costs,” the statement reads.

“This compares with a charge of approximately $80 million pre-tax which has been incurred in each of FY25 and FY26.”

Those costs are expected to be part of another announcement on the outlook of the financial year set to be released on November 5.