Banks
NAB to shed up to 2,500 jobs and take a A$300 million restructuring charge
Australia's National Australia Bank will cut about 6% of its workforce by late 2027, and its shares slid in Sydney.
HedgeWeekly News Desk ·
National Australia Bank said on Tuesday it will eliminate up to 2,500 positions, roughly 6% of its workforce, in a restructuring it told the ASX would run into 2027. As many as 1,500 of the roles are set to go before the end of 2026, with the rest expected by September 2027. The lender also plans to sharply reduce its reliance on outside consultants and contractors.
NAB expects a pre-tax restructuring charge of about A$300 million (US$209 million) in fiscal 2027, up from about A$80 million in each of the previous two years. Chief executive Andrew Irvine said customer-facing banking roles would not be materially affected; the deepest cuts fall on corporate functions and senior management. The bank cited a tougher economy, competitive pressure and fast-moving technology.
Investors reacted coolly. NAB shares fell about 2.8% to A$38.80 in Sydney trading, lagging an S&P/ASX 200 that ended the session 0.3% lower at 8,816. The stock was already down about 7% this year.
The Finance Sector Union criticised both the scale and the timing of the cuts, which come weeks before Christmas. NAB said it would consult staff and the union. More detail is expected with full-year results on November 5.