The bank plans to execute the first phase of these reductions by the end of 2026, targeting 1,500 departures while simultaneously curbing its reliance on external consultants and contractors. This shift follows a broader trend among Australia’s major financial institutions, mirroring similar headcount reductions at competitors like ANZ, which recently eliminated 3,500 roles to offset margin compression.

Management cited evolving customer expectations and a volatile economic landscape as primary drivers for the reorganization. By cutting internal costs, the bank intends to redirect capital toward core growth segments, specifically mortgage lending and deposit services. These adjustments are designed to bolster the firm’s competitive stance against rising input prices and cooling consumer spending across the Australian market.