Explore the latest developments concerning NAB staff speak.
NAB staff speak out after mass job cuts revealed
NAB workers have spoken out after the bank announced plans to shed staff. (ABC News: Keana Naughton)
Entire teams of National Australia Bank workers are having to reapply for their jobs and compete among themselves as part of a major restructure.
Staff say the writing was on the wall as they witnessed the bank pushing to offshore workers and take up AI.
The major bank revealed plans to slash 2,500 roles by June next year, with 1,500 expected to be out the door before Christmas.
National Australia Bank (NAB) workers have accused the banking giant of a "spill and fill" redundancy strategy, forcing entire teams to reapply for their positions as part of a sweeping restructure.
Restructuring at big four bank
National Australia Bank (ASX: NAB) plans to cut 2,500 roles, or about 6% of its workforce, in fiscal 2027, including up to 1,500 before the end of 2026. It will also materially reduce its use of consultants and contractors, with an expected restructuring charge of around $300 million pretax in fiscal 2027.
Why it matters: With revenue growth slowing, management is pulling the cost lever. Credit growth is moderating, and mortgage competition remains intense, limiting top-line growth. Cutting costs helps preserve profitability while maintaining investment in technology and artificial intelligence.
The bottom line: We retain our $33 fair value estimate for wide-moat National Australia Bank and make no changes to our forecasts ahead of the fiscal 2026 result on Nov. 5. Shares remain overvalued.
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NAB job losses: The Grinch is stealing this Christmas from NAB workers, AI comes next
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Westpac boss Anthony Miller thought he was issuing a hairy-chested war cry to his fellow employees in August when he bragged – while laying off hundreds of their colleagues – he worked every day of the year, including Christmas.
The comment was later clarified to mean he chatted to his dad about the bank over Christmas lunch, but by then his reputation as the Grinch who stole Christmas was solidly in place.
On Tuesday, his NAB counterpart Andrew Irvine showed us all what a real Grinch looks like.
For more detailed information, explore updates concerning NAB staff speak.
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