# NAB cuts 2,500 jobs in major restructure

> Australia's biggest bank announces 6% workforce reduction before year end, citing economy, competition and technological change.
- Title: NAB cuts 2,500 jobs in major restructure · the Guardian
- Summary: Australia's biggest bank announces 6% workforce reduction before year end, citing economy, competition and technological change. National Australia Bank is…
- Keywords: national australia bank, job cuts, banking sector, artificial intelligence, restructure, australian economy, news, politics, NAB, cuts, 500, jobs
- Source: the Guardian — https://theguardian.com/australia-news/2026/oct/20/nab-bank-restructure-2500-jobs-cuts
- Published: 2026-10-20T00:58:51+00:00
- Read time: 1 min
- Topics: national australia bank, job cuts, banking sector, artificial intelligence, restructure, australian economy, news, politics
## NAB announces 2,500 job cuts
National Australia Bank said on Tuesday it will cut 2,500 jobs, representing 6% of its workforce. The bulk of redundancies will occur before the end of the year.
## Banks cite technology and economy
NAB cited a challenging economy, competition and rapid technological change as reasons for the cuts. The bank said changes would reduce duplication and speed up decision making.
## Part of wider banking restructure
Angel Zhong, a professor of finance at RMIT, said the restructure was part of an industry-wide reset. Banks are investing heavily in technology and AI and redesigning their workforce for digital banking.

> This is not just cyclical cost cutting, it's structural change.
## Union warns of workplace chaos
Finance Sector Union national assistant secretary Nicole McPherson said the cuts would have significant impact on a workforce already overwhelmed by unmanageable workloads and entrench anxiety.

> It will wreak chaos and entrench a culture of anxiety at a bank that seems hell bent on self-destruction.
## Key takeaway

National Australia Bank is cutting 2,500 jobs, or 6% of its workforce, before the end of the year as banks restructure for digital banking and AI.