National Australia Bank is reportedly set to initiate a significant workforce reduction in its markets division.

The bank is cutting around 60 jobs out of the 600-strong team, as part of a broader restructuring effort across all its business units.

This news comes from sources cited by the Australian Financial Review (AFR), which broke the story early on Monday.

Although the bank has not yet made an official internal announcement, it is expected that the layoffs could commence as early as this week. NAB, the country’s second-largest bank, appears to be following in the footsteps of its larger peers, Commonwealth Bank of Australia (CBA.AX) and Westpac Banking Corp (WBC.AX), which have already announced plans to cut hundreds of jobs in response to escalating costs driven by high interest rates and inflation.

The impending layoffs at NAB are anticipated to affect employees in capital markets roles within its corporate and institutional banking unit, where the markets division operates with a workforce of approximately 600.