NAB delays exit dates for some laid-off staff to January 2027
The National Australia Bank (NAB) is pushing back the exit dates of some employees affected by its restructuring to January 2027 after receiving backlash for cutting its workforce ahead of Christmas.
NAB chief executive officer Andrew Irvine told employees in an internal email on Tuesday that the exit date for non-voluntary redundancies will be moved to 27 January 2027 for those going through redeployment.
Those who opted out of redeployment will have their exit dates on 16 December, while there will be no changes to the voluntary redundancy exit date.
Irvine added that the bank will consider feedback until 11 November, a week after the original 4 November deadline, to allow more consideration around how work is done and to give more clarity around the restructure.
"This extra consultation time also allows us to further consider practical implementation requirements to make sure our teams are ready for the transition," Irvine said in the email shared with HRD Australia.
Cuts before Christmas
The announcement follows the criticism received by the bank for planning to lay off 1,500 employees before Christmas, as part of a broader restructuring that will cut 2,500 roles from its workforce by mid-2027.
In his email, Irvine said many employees have shared "thoughtful feedback" on the bank's restructuring plan since consultation started on 22 October.
"You have raised concerns about the proximity to Christmas, expressing a desire for more time to consider deployment options," the CEO said in the email.
The CEO also acknowledged the constructive engagement of the Finance Sector Union (FSU) and its agreement to the changes.
"We acknowledge the Finance Sector Union's constructive engagement and agreement to these changes which they have supported on behalf of their members," Irvine said.
But the FSU said delaying the redundancies does not mean the bank is saving the jobs.
"NAB still intends to cut 2,500 positions, and we remain deeply concerned about the impact on workers, their families and those left behind to manage growing workloads," said FSU national president Wendy Streets in a statement.
The union called out the bank for making cuts despite posting an "excessive annual profit of $6.14 billion."
"A bank making billions in profit can afford to invest in its people rather than discard them. We will continue fighting for every job and holding Andrew Irvine accountable," Streets said.
'Difficult decisions' at NAB
NAB posted "strong underlying profit growth" in the 2026 financial year, according to its announcement on Thursday.
"Underlying profit, excluding the large notable item announced at the half, increased 6.9% and revenue grew 5.8%. Costs were up 4.5% and NIM improved," Irvine said in delivering NAB's financial year 2026 results.
"Our business divisions are getting stronger, despite competition, strategic disruption and a challenging environment."
Irvine also addressed the bank's restructuring plan that will see 2,500 roles cut by September 2027, saying the cuts were required to reduce duplication, speed up decisions, and further strengthen its risk posture.
"These are difficult decisions that impact our colleagues – and we are treating them with care, with dignity and with respect," Irvine said.
"This will better position NAB to respond to customer expectations, to rising competition and to rapid technological change, as well as to navigate a softening economy."
