NAB expects to cut up to 2,500 roles, about 6% of its internal workforce, in its 2027 financial year. Up to 1,500 of those roles go before the end of 2026. The bank announced the cuts to the ASX on 20 October 2026 and said it would also "materially reduce its use of consultants and external contractors".
What did NAB announce?
NAB said it is simplifying its operating model and moving its workforce towards growth and technology work for customers, as part of a broader review of the workforce it needs. It named its priorities as growing business banking, growing deposits and writing more home loans through its own bankers.
NAB's financial year runs from October to September, so its 2027 financial year started on 1 October 2026. NAB expects a restructuring charge of about $300 million before tax in that year, covering redundancy, redeployment and organisational redesign. It spent about $80 million on restructuring in each of the two years before. NAB said it would give more detail on its costs for the year with its full year results on 5 November 2026.
How is NAB doing?
In the six months to 31 March 2026, NAB's credit impairment charge, the money it sets aside for loans that may not be repaid, was $706 million. That was up from $485 million in the six months before, a rise of about 46%.
In the June 2026 quarter, NAB's cash earnings rose 2% on its average quarter in the first half, leaving out a large one-off item, which NAB put down mainly to lower credit impairment charges. NAB said its underlying profit was stable.
Are other banks cutting jobs?
ANZ announced on 9 September 2025 that it expected about 3,500 employees to leave the group by September 2026. It also ended or reviewed work with consultants and other outside firms, which it said affected around 1,000 managed services contractors.
Banks and insurers also have fewer jobs on offer. The ABS found job vacancies in financial and insurance services fell 21.4% in the three months to May 2026, the biggest drop of any industry. Our explainer on the Australian job market has the wider picture.
Why does it matter for consultants?
NAB and ANZ have both said they will use fewer consultants and contractors, and the federal government is also spending less with the big consulting firms. A Reuters analysis of government tenders found new federal contracts with KPMG, PwC, Deloitte and EY fell to $348 million in 2025, from $637 million the year before.
KPMG Australia's consulting revenue fell 16.9% in the year to 30 June 2026. The firm put the fall down to soft market conditions and governments using fewer consultants.
Readers inside NAB have been telling us what the changes look like on the ground. Read their tips on our NAB Inside Track page.
From Flat White, Why you didn't get that pay rise
Sources
Every page below was read on 27 October 2026.
- NAB, NAB simplifying operating model and improving alignment to customer priorities, 20 October 2026 (up to 2,500 roles or about 6% in FY27, up to 1,500 before the end of 2026, consultants and contractors, the $300m and $80m restructuring charges, results on 5 November 2026)
- NAB, 2026 Half Year Results summary, 4 May 2026 (credit impairment charge of $706 million against $485 million in the half before)
- NAB, 2026 Third Quarter Trading Update, 17 August 2026 (cash earnings up 2%, underlying profit stable)
- ANZ, ANZ announces changes to better focus on priorities, 9 September 2025 (about 3,500 employees, around 1,000 managed services contractors)
- Australian Bureau of Statistics, Job vacancies fall in May 2026, 25 June 2026 (financial and insurance services down 21.4%)
- KPMG Australia, FY26 result, August 2026 (consulting revenue down 16.9%)
- Reuters, KPMG scandal deepens Big Four accounting firms' woes in Australia, 16 June 2026 (new federal contracts of $348 million in 2025 and $637 million the year before)
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