National Australia Bank to Cut Up to 2,500 Jobs in Fiscal 2027

07:22 PM EDT, 10/19/2026 (MT Newswires) -- National Australia Bank plans to cut up to 2,500 internal roles, or about 6% of its workforce, in fiscal 2027 as it simplifies operations and redirects resources toward technology and growth initiatives, the bank said Monday. The bank expects to eliminate up to 1,500 roles by the end of 2026 and materially reduce its use of consultants and external contractors. The changes will focus on corporate functions, with no material impact expected on customer-facing banking roles, the bank said. National Australia Bank expects to record a pretax restructuring charge of about AU$300 million in fiscal 2027, covering redundancy, redeployment and organizational redesign costs. Further details on its fiscal 2027 cost outlook will be provided with its fiscal 2026 results on Nov. 5.