{"id":935163,"date":"2026-10-20T17:16:19","date_gmt":"2026-10-20T17:16:19","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/935163\/"},"modified":"2026-10-20T17:16:19","modified_gmt":"2026-10-20T17:16:19","slug":"nab-to-axe-2500-jobs-in-massive-restructure","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/935163\/","title":{"rendered":"NAB to axe 2500 jobs in massive restructure"},"content":{"rendered":"

NAB will slash up to 2500 roles as part of a massive restructure that will aim to simplify its operations and workforce. <\/p>\n

In an ASX announcement on Tuesday, the big four institution said six per cent of the total workforce, comprising more than 41,000 people worldwide, will be cut by the next financial year. <\/p>\n

\"NAB<\/p>\n

NAB will slash up to 2500 roles as part of a massive restructure. \u00a0AAP<\/p>\n

Up to 1500 of those roles will be gone by the end of the year. <\/p>\n

The bank will also focus on reducing the size of corporate functions and cutting back on its use of consultants and contractors.<\/p>\n

NAB chief executive Andrew Irvine said the changes will help the bank meet \u201cmore challenging economic conditions, increasing customer expectations, competitive intensity and rapid technological change\u201d. <\/p>\n

\u201cWe know this will be a difficult period for our colleagues impacted by these changes as well as the\u00a0people around them,\u201d he said. <\/p>\n

\u201cWe will treat every person with dignity and respect.\u201d<\/p>\n

\"\"<\/p>\n

NAB CEO Andrew Irvine.\u00a0NAB<\/p>\n

Consultation with staff and the Financial Services Union will begin this week. <\/p>\n

The restructure will cost it about $300 million pre-tax in the 2027 financial year through redundancy and redeployment packages and organisational changes. <\/p>\n

Irvine said the bank\u2019s ambition and strategy will remain unchanged in the restructure. <\/p>\n

\u201cWe will\u00a0improve productivity, risk outcomes and execution to be a simpler and more efficient bank,\u201d he said.<\/p>\n

It comes as the share price of NAB fell 7 per cent this year, roughly the same value it was just before the global financial crisis in 2008. <\/p>\n","protected":false},"excerpt":{"rendered":"NAB will slash up to 2500 roles as part of a massive restructure that will aim to simplify…\n","protected":false},"author":2,"featured_media":935164,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[64,63,99],"class_list":["post-935163","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-au","tag-australia","tag-business"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/935163","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=935163"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/935163\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/935164"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=935163"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=935163"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=935163"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}