{"id":934465,"date":"2026-10-20T03:10:15","date_gmt":"2026-10-20T03:10:15","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/934465\/"},"modified":"2026-10-20T03:10:15","modified_gmt":"2026-10-20T03:10:15","slug":"nab-to-cut-2500-jobs-in-massive-restructure-national-australia-bank","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/934465\/","title":{"rendered":"NAB to cut 2,500 jobs in massive restructure | National Australia Bank"},"content":{"rendered":"

National Australia Bank is cutting 2,500 jobs, representing 6% of its workforce, marking another significant round of cuts in a sector heavily exposed to disruption by artificial intelligence.<\/p>\n

NAB said in a statement on Tuesday that the bulk of the redundancies would occur before the end of the year, citing a challenging economy, competition and \u201crapid technological change\u201d.<\/p>\n

It is the latest in a series of sector-wide job cuts, highlighted by ANZ\u2019s 3,500-person layoff announced last year, as the big banks trim headcount.<\/p>\n

Angel Zhong, a professor of finance at RMIT, said the restructure was part of an industry-wide reset.<\/p>\n

\u201cThe banks are investing heavily in technology and AI, and redesigning their base workforce for a much more digital banking model,\u201d said Zhong.<\/p>\n

\u201cThis is not just cyclical cost cutting, it\u2019s structural change.\u201d<\/p>\n

Banking sector jobs are among the most exposed to advances in AI, with so-called \u201ccognitive roles\u201d, such as administrative, programming and clerk positions, most at risk, according to a government report released in July.<\/p>\n

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But financial institutions have rarely referenced AI directly when announcing redundancies amid sensitivities over public and political backlash.<\/p>\n

NAB said the changes would reduce duplication and speed up decision making. It also plans to \u201cmaterially reduce its use of consultants and external contractors\u201d.<\/p>\n

The fortunes of Australia\u2019s big banks are closely tied to the property market and broader economy, making their structural shifts a clear barometer for wider corporate layoffs.<\/p>\n

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The economy has been losing momentum, and unemployment has risen to 4.7%, its highest rate in nearly five years<\/a>.<\/p>\n

The Finance Sector Union national assistant secretary Nicole McPherson said the NAB cuts would have a significant impact \u201con a workforce already overwhelmed by unmanageable workloads\u201d.<\/p>\n

\u201cIt will wreak chaos and entrench a culture of anxiety at a bank that seems hell bent on self-destruction,\u201d McPherson said.<\/p>\n","protected":false},"excerpt":{"rendered":"National Australia Bank is cutting 2,500 jobs, representing 6% of its workforce, marking another significant round of cuts…\n","protected":false},"author":2,"featured_media":934466,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[64,63,44],"class_list":["post-934465","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australia","tag-au","tag-australia","tag-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/934465","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=934465"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/934465\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/934466"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=934465"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=934465"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=934465"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}