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NAB announces 170 more job cuts, creating more roles overseas

The National Australia Bank is set to slash 170 jobs as it adds roles in Vietnam and India, amid its ongoing restructuring.

A total of 447 jobs are set to be cut, with 277 new roles set to be created in Australia, bringing a net total of 170 redundancies.

At least 237 new roles are also set to be created at NAB's offshore centres in both India and Vietnam.

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National Australia Bank in Sydney.

While NAB has not confirmed which jobs will be cut, the decision is part of the major banks' strategy to modernise their workforce, creating new roles in Australia and overseas.

In a statement, an NAB spokesperson said the company will continue to support workers in finding new careers and practical career transitions.

"As NAB has said for some time, building a modern workforce that best supports our customers is an important part of our strategy," the spokesperson said.

"Our workforce has been evolving to ensure we can help customers more consistently at the times they need us, and to help us access great talent in key markets.

"We continue to hire and develop people in Australia – especially in customer-facing roles – to strengthen our capability."

In a quarterly business survey released today, the bank announced that business confidence has fallen to a 15-month low due to the intensification of costs and labour. 

Wage costs were cited as the biggest issue affecting business confidence, with labour being reported as a significant constraint by several firms.

"Wage costs remained the biggest issue affecting business confidence, and the share of firms reporting labour as a significant constraint rose in the quarter, highlighting that the labour market has remained tight to start 2026," NAB Head of Australian Economics, Gareth Spence, said.

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