National Australia Bank will cut up to 2,500 jobs to push ahead with business reforms to deal with increasing competition in the industry, economic weakness that is dragging down the home loan business, and rapid technological changes. The Melbourne-based bank said in a statement on Tuesday that the layoffs will mainly target management and back-office functions; the bank will charge 300 million Australian dollars in pre-tax restructuring charges in fiscal year 2027. The bank will also reduce the use of external contractors and consultants, saying this move can optimize decision-making processes and eliminate repetitive work. The layoffs will affect 6% of its approximately 42,000 employees. This layoff is the latest example of a series of large-scale staff reduction actions in the Australian banking industry over the past year. It reflects the continuous deterioration of the industry's business environment and the contraction of new mortgage business due to the deep decline in real estate.

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