Bank says bulk of redundancies will occur before end of year, citing challenging economy, competition and ‘rapid technological change’

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National Australia Bank is cutting 2,500 jobs, representing 6% of its workforce, marking another significant round of cuts in a sector heavily exposed to disruption by artificial intelligence.

NAB said in a statement on Tuesday that the bulk of the redundancies would occur before the end of the year, citing a challenging economy, competition and “rapid technological change”.