Internal restructuring
Location of affected unit(s)
Australia and UK
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64 - Financial service activities, except insurance and pension funding

2,500 jobs
Number of planned job losses
Job loss
Announcement Date
11 May 2005
Employment effect (start)
Foreseen end date


National Australia Bank (NAB) is to cut 2,500 jobs in Australia and close 100 branches in the UK as it tries to recover from a trading scandal. NAB is looking to keep ahead of rivals, such as Commonwealth Bank of Australia and Westpac Banking, which have been putting in a better performance. The bank is still recovering from a trading scandal that broke at the start of 2004 when it emerged the company had currency dealing losses of $184 million (£98 million). It is also facing increased competition in Australia and Europe, rising UK pension costs and a bureaucratic structure.


  • 11 May 2005: BBC News


Eurofound (2005), National Australia Bank, Internal restructuring in World, factsheet number 61582, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/61582.