NAB plans 2,500 job cuts in restructuring

National Australia Bank plans to cut about 2,500 roles, or roughly 6% of its workforce of more than 41,000, as it restructures operations and reduces its reliance on external consultants and contractors. The bank said up to 1,500 positions are targeted for removal by the end of 2026. The planned reductions were disclosed to the Australian Securities Exchange on Tuesday. NAB chief executive Andrew Irvine said the changes would focus particularly on corporate functions and would not materially affect customer-facing banking roles. The bank also plans deeper changes to senior management, broadening leadership responsibilities and simplifying work between teams, according to Irvine’s statement. NAB said the restructuring is intended to reduce duplication, speed up decision-making and improve productivity and execution amid changing customer expectations, competition and technological change. It said it aims to direct resources toward technology and growth priorities. The bank identified business banking, customer deposits and home lending as areas for growth. The bank expects the planned changes to incur about A$300 million in pretax restructuring costs. It said the charge covers...