Thousands of jobs will be axed at National Australia Bank in a major restructure to its workforce.
The big-four bank announced on Tuesday morning that 1500 jobs are expected to go before the end of 2026, with about 2500 staff, or about six per cent of the workforce, set to leave over the full financial year.
The move was designed to make the bank more efficient and would have no material impact on customer-facing roles, NAB chief executive Andrew Irvine said.
''These changes are expected to improve outcomes for customers by reducing duplication and speeding up decision making,'' he said in a statement to investors.
''We have also deliberately made deeper changes to senior management positions which will broaden leadership responsibilities across the bank.
''We know this will be a difficult period for our colleagues impacted by these changes as well as the people around them. We will treat every person with dignity and respect.''
The bank will also reduce its use of consultants and external contractors.