NAB cutting 2,500 jobs, 6% of workforce, corporate functions hit hardest
National Australia Bank is cutting up to 2,500 roles by the end of FY27, roughly 6% of its 41,880-person global workforce. The bank reported 1,500 roles will go by end of 2026, with the remainder following in FY27.
The cuts target corporate functions: strategy, transformation, project management, back-office services, compliance, risk, and business support. Customer-facing banking roles are largely protected. NAB is also materially reducing its use of consultants and contractors.
CEO Andrew Irvine is redirecting savings toward growth priorities: business banking, home lending, deposits, and technology. The bank is also broadening senior leadership responsibilities and removing duplicated work to speed up decision-making.
NAB expects a $300 million pre-tax restructuring charge covering redundancies and redeployment. The move comes as credit growth remains under pressure and banks face productivity expectations through technology investment.
What it means for sales teams
NAB is Australia's largest business lender and third-largest home lender. The restructure suggests the bank is doubling down on B2B growth while cutting coordination layers. If you sell into enterprise banking or financial services, expect fewer internal stakeholders but potentially faster decisions.
The consultant and contractor cuts signal a shift toward internal capacity. If you are selling professional services or transformation work to banks, this is part of a broader trend: major institutions are bringing more work in-house.
For sales professionals in financial services: this is the operating environment. Even major incumbents are restructuring for efficiency. NAB is not alone: banking sector layoffs have accelerated in 2024 alongside broader tech sector cuts.
The bank says impacted staff will be treated with dignity and respect. The Finance Sector Union will be watching closely. For sales leaders: if you are hiring, NAB alumni with business banking or corporate function experience will be entering the market through 2026 and 2027.