NAB Cuts Jobs in Australia as Bank Expands Offshore Operations
Synopsis
National Australia Bank is cutting Australian banking roles while expanding operations in India and Vietnam as part of a broader workforce restructure.
National Australia Bank is set to shed jobs in its corporate and institutional banking division as the Australian lender continues its restructuring of the corporate staff.
The number of jobs impacted by the latest round of restructuring has yet to be revealed. The cuts were reported on August 21, following NAB’s announcement of its broader restructuring of the Australian business in the first quarter of this year.
NAB Restructuring Impacts Across Australia and Overseas
NAB announced in March that it would cut approximately 170 jobs in its Australian business banking division while filling 277 new positions in Australia.
The restructuring also provided for 237 new jobs in India and Vietnam. A total of 447 Australian positions would be eliminated, partly offset by 277 new Australian jobs.
The latest restructuring affects the corporate and institutional banking business, which focuses on major companies and institutional clients. NAB did not provide details on the number of jobs impacted by the latest round of cuts.
The reductions come after a series of layoffs in other areas of the business. In 2025, NAB also announced job cuts, including in technology and enterprise functions, with some positions being moved offshore.
NAB Earnings and Banking Industry Employment
NAB reported cash earnings of A3.59 billion for the six month sended March 31, 2026, after deducting large notable items. Business lending rose by more than 10 percent in the same period, and cash earnings from the Business and Private Banking division increased by 12.3 percent to A1.85 billion.
The bank’s cash earnings totaled A$2.64 billion after a A$949 million, after adjusting for the impact of a change in software capitalization policy.
According to the Australian Bureau of Statistics Labour Force Survey, as reported by Jobs and Skills Australia, employment in the Australian financial services sector totaled 546,000 jobs as of February 2026. That was a decrease of 3,600 jobs, or 0.6 percent, compared to the same period last year.
NAB’s latest restructuring comes against the backdrop of the broader financial services industry employment trends in Australia, as the bank continues its presence in the Australian market, as well as India and Vietnam.
Source: Bloomberg
Pooja Malik is a business journalist with over six years of experience covering startups, entrepreneurship, and emerging trends. She has previously worked with leading media platforms such as YourStory Media and BW BusinessWorld, where she reported on business, policy, and market developments. Currently, she serves as Editor at The Inspirepreneur Magazine, where she writes and edits stories across business, lifestyle, and travel, with a focus on clarity, accuracy, and reader relevance.
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