National Australia Bank has announced it will be retrenching 2500 staff or 6 per cent of its workforce this financial year with 1500 of those roles to be gone by the end of 2026.
Chief executive Andrew Irvine told the Australian Securities Exchange NAB was designed to reduce the duplication of back-office roles.
“Our ambition and strategy remain unchanged. We will improve productivity, risk outcomes and execution to be a simpler and more efficient bank,” he said.
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“These changes are expected to improve outcomes for customers by reducing duplication and speeding up decision making.
“We are particularly focused on reducing the size of corporate functions. There will be no material impact to customer-facing banking roles.”
Mr Irvine said NAB would also be undergoing a management restructure to simplify the bank.
““We have also deliberately made deeper changes to senior management positions which will broaden leadership responsibilities across the bank,” he said.
“This will simplify work between teams and improve cross-functional processes with clearer roles, priorities and accountabilities for our colleagues.”
