National Australia Bank (NAB) has announced that it expects to "reduce its internal workforce by up to 2,500 roles or ~6% in FY27" as part of an operational restructure.
The statement notes that the workforce reduction will include "up to 1,500 roles before the end of 2026".
Additionally, NAB says it will "materially reduce its use of consultants and external contractors".
NAB says it has undertaken this restructure "to simplify its operating model and better align its workforce to prioritise growth and technology initiatives for customers".
Elaborating on this, Andrew Irvine, CEO of NAB group, explains: "These changes are expected to improve outcomes for customers by reducing duplication and speeding up decision making.
"We are particularly focused on reducing the size of corporate functions. There will be no material impact to customer-facing banking roles."
Irvine continues: "We have also deliberately made deeper changes to senior management positions which will broaden leadership responsibilities across the bank.
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"This will simplify work between teams and improve cross-functional processes with clearer roles, priorities and accountabilities for our colleagues.
"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."
NAB says it "expects to recognise a restructuring charge of approximately $300m pre-tax in FY27", with the charge relating to "redundancy, redeployment and organisational redesign costs".
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Reporter, FinTech Futures
Francis Bignell is a reporter at FinTech Futures with a keen interest in all things fintech, especially in the Latin America region. Writing in the industry for four years, he has moderated webinars and podcasts as well as interviewed executives from a wide range of sectors.