On Tuesday 20 October 2026, National Australia Bank told the ASX it plans to cut up to 2,500 jobs — roughly 6% of its workforce — in a major restructure aimed at corporate functions and senior management, not front-line bankers. Up to 1,500 of those roles are expected to go before the end of 2026, and the bank will book a restructuring charge of around $300 million. You can read the bank’s own statements on the official NAB newsroom.
This guide explains what NAB actually announced, which jobs are affected, what it means for customers and shareholders, and — most importantly — what affected workers need to know about their redundancy rights.
What NAB actually announced
Here are the key facts from NAB’s ASX filing on 20 October 2026:
- Up to 2,500 roles will be cut over the next financial year (NAB’s financial year ends 30 September 2027) — about 6% of the bank’s internal workforce.
- Up to 1,500 of those roles will go before the end of the 2026 calendar year.
- The cuts target corporate functions: strategy, transformation, project management, back office, compliance, risk and business services — plus deeper cuts in senior management roles.
- NAB will also “materially reduce” its use of consultants and external contractors.
- The bank expects a pre-tax restructuring charge of about $300 million in FY27, covering redundancy, redeployment and organisational redesign costs.
- More detail will come with the full-year results on 5 November 2026.
Which jobs are going — and which are safe
NAB has been clear that this is not a branch-closure exercise. Chief executive Andrew Irvine said there will be “no material impact” on customer-facing banking roles, and the bank told staff it had “deliberately made deeper changes to senior management positions”.
In plain terms: the cuts fall on head-office, project, risk and compliance teams — the management layers and back-office overhead the bank says have grown too large. Tellers, branch staff and other customer-facing bankers are not the target.
Consultation with affected staff and the Finance Sector Union (FSU) is expected to begin this week. Before the announcement, NAB employed more than 41,000 people worldwide.
Why NAB is doing this
NAB said the changes will make it “a simpler and more efficient bank” that is better placed for a tougher operating environment. The drivers the bank and analysts point to:
- A weaker outlook for credit growth — in August, NAB warned that housing credit growth would slow sharply in 2027 after federal property tax reforms dampened demand from homebuyers and investors.
- Rising competition, including from smaller banks and digital lenders.
- Rapid technological change — including AI-driven automation of back-office work.
- Cost pressure — the savings are meant to fund investment in business banking, deposit growth and home lending.
NAB is not alone. ANZ cut around 3,500 roles last year, and the major banks have been steadily trimming headcount as more services move online.
What affected workers should know
If your role is in scope, here are your key rights under Australian workplace law. This is general information, not legal advice — and your award or enterprise agreement may give you more than the legal minimums.
1. Consultation must happen first
Before making redundancies, an employer must genuinely consult affected staff (and their union, where one exists) about the changes. The FSU is the union representing NAB workers, and the bank has committed to consulting with it this week. If consultation didn’t happen properly, a redundancy can be ruled not genuine.
2. Minimum redundancy pay depends on your service
Under the National Employment Standards, permanent employees with at least 12 months of service get redundancy pay based on how long they’ve worked:
- 1–2 years: 4 weeks’ pay
- 2–3 years: 6 weeks
- 3–4 years: 7 weeks
- 4–5 years: 8 weeks
- 5–6 years: 10 weeks
- 6–7 years: 11 weeks
- 7–8 years: 13 weeks
- 8–9 years: 14 weeks
- 9–10 years: 16 weeks
- 10 years or more: 12 weeks (this drops because employees with 10+ years usually access long service leave separately)
Payment is at your base rate of pay. Casuals and employees with less than 12 months of service are generally not entitled to redundancy pay under these standards.
3. You also get notice — or pay in lieu
On top of redundancy pay, NAB must give you written notice (1 week for under a year of service, up to 4 weeks for five years or more — plus an extra week if you’re over 45 with at least 2 years of service), or pay you instead of making you work it. Any unused annual leave and long service leave must be paid out as well.
4. Redeployment must be considered
A redundancy is only “genuine” under the Fair Work Act if the job is no longer required, consultation obligations were met, and it was not reasonable to redeploy you elsewhere in the company. If redeployment was possible but wasn’t offered, you may have an unfair dismissal claim — which must be lodged with the Fair Work Commission within 21 days.
What NAB customers should do
Short answer: nothing. NAB says there is no material impact on customer-facing roles, so branches, contact centres and online services continue as normal. Your deposits remain protected, and loans, accounts and services are unaffected.
The FSU has publicly criticised the scale and timing of the cuts, but it has not suggested any impact on customer services. If you’re a business banking client, NAB says the restructure is partly designed to improve service by speeding up decision-making.
What it means for NAB shareholders
NAB shares fell almost 2.5% on 20 October — the biggest drop among the big four banks that day. The $300 million charge will weigh on the next result, but the bank’s pitch to investors is that the savings will fund growth in business banking, deposits and home lending. Analysts will be listening closely to what Irvine says about credit growth at the 5 November full-year results.
Key dates to watch
- Week of 20 October 2026 — staff and FSU consultation begins.
- Before 31 December 2026 — up to 1,500 roles expected to go.
- 5 November 2026 — NAB full-year results, with more detail on the restructure.
- By 30 September 2027 — the full 2,500-role reduction expected to be complete.
Frequently asked questions
How many jobs is NAB cutting?
Up to 2,500 roles — about 6% of NAB’s workforce — with up to 1,500 going before the end of 2026.
Are NAB branches closing?
NAB has not announced branch closures. The cuts target corporate and head-office roles, with no material impact expected on customer-facing staff.
Why is NAB cutting jobs?
The bank points to challenging economic conditions, slower credit growth, competition and rapid technological change, and wants the savings to fund investment in its core banking businesses.
What redundancy pay am I entitled to at NAB?
At minimum, the National Employment Standards scale above (4 to 16 weeks depending on service, paid at your base rate), plus notice and unused leave. Check your NAB enterprise agreement, which may provide more.
