NAB to cut up to 2,500 jobs; union says 180 go offshore
- NAB plans to cut up to 2,500 roles, about 6% of its workforce, in FY27.
- Up to 1,500 of the roles will go before the end of 2026.
- The Finance Sector Union says around 180 roles will be offshored to Vietnam and India.
- NAB expects a pre-tax restructuring charge of about A$300 million ($211Mn) in FY27.
MELBOURNE, AUSTRALIA — National Australia Bank will cut up to 2,500 roles, about 6% of its internal workforce, in the 2027 financial year, with up to 1,500 going before the end of 2026. The bank is targeting corporate functions and senior management, and expects no material impact on customer-facing banking roles.
Corporate functions in scope
NAB will also materially reduce its use of consultants and external contractors, it said in an ASX announcement on Oct. 20. The bank cited more challenging economic conditions, increasing customer expectations, competitive intensity and rapid technological change.
“We are particularly focused on reducing the size of corporate functions. There will be no material impact to customer-facing banking roles,” said Group CEO Andrew Irvine. He said the bank had also deliberately made deeper changes to senior management positions.
NAB expects a restructuring charge of about A$300 million ($211Mn) before tax in FY27, compared with about A$80 million ($56Mn) in each of FY25 and FY26. Further detail on its FY27 cost outlook will come with its full-year results on Nov. 5.
Union says 180 roles go offshore
Around 180 roles will be offshored to NAB offices in Vietnam and India, the Finance Sector Union said in a statement. The union said management could not tell it which roles would be affected or when workers would learn whether they would lose their jobs, and refused to confirm whether the cuts were due to artificial intelligence (AI).
“NAB’s public statement today was nothing but corporate spin but its intention is clear,” said Nicole McPherson, the union’s national assistant secretary. The union has called on Irvine to meet it immediately to explain the cuts.
NAB said it will consult colleagues and the union, and support departing staff with redeployment and reskilling, career transition support and redundancy entitlements.
“We know this will be a difficult period for our colleagues impacted by these changes as well as the people around them,” Irvine said.
A growing offshore base
The offshoring figure follows earlier expansion plans in Asia. OA reported in June that the bank planned to hire more than 1,000 additional workers across its India and Vietnam operations, adding to an offshore workforce of approximately 7,000 employees.
What it means for buyers
NAB’s plan pairs onshore corporate cuts with a smaller move of roles to its own offices overseas, according to the union’s figures.
Australian firms weighing offshore outsourcing or a captive global capability center (GCC) can compare providers on the top BPO companies in Australia list.
Related news
- CBA denies offshoring push despite new Bengaluru office complex · 23 Oct 2026
- Bendigo Bank cuts 140 jobs in outsourcing push · 23 Sep 2026
- NAB plans 1,000 more offshore hires as Australian bank jobs are cut · 2 Jun 2026
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