Economic Information Daily, 20th exclusive news: National Australia Bank announced on Tuesday that it plans to cut 2,500 jobs by the end of 2027, about 6% of its total workforce, to streamline operations amid shrinking mortgage lending volume.
The bank, Australia's largest commercial lender, will eliminate about 1,500 of these positions by the end of 2026, with the remaining cuts expected to be completed by the end of September 2027. The job reductions will primarily target corporate functions rather than customer-facing banking roles, and the bank also plans to significantly reduce consultants and outsourced personnel.
The bank stated that the restructuring is expected to incur pre-tax costs of approximately 300 million Australian dollars (about 209.3 million U.S. dollars) by 2027, covering expenses related to staff reductions, personnel redeployment, and organizational restructuring.
Andrew Irvine, CEO of the bank, said the transformation aims to enhance productivity, improve risk management effectiveness, and strengthen execution, while making the bank 'leaner and more efficient'. (rc)
The bank, Australia's largest commercial lender, will eliminate about 1,500 of these positions by the end of 2026, with the remaining cuts expected to be completed by the end of September 2027. The job reductions will primarily target corporate functions rather than customer-facing banking roles, and the bank also plans to significantly reduce consultants and outsourced personnel.
The bank stated that the restructuring is expected to incur pre-tax costs of approximately 300 million Australian dollars (about 209.3 million U.S. dollars) by 2027, covering expenses related to staff reductions, personnel redeployment, and organizational restructuring.
Andrew Irvine, CEO of the bank, said the transformation aims to enhance productivity, improve risk management effectiveness, and strengthen execution, while making the bank 'leaner and more efficient'. (rc)
