National Australia Bank is preparing to cut around 60 jobs of the 600-staff at its markets division and undertake a broad restructuring exercise across its seven business, the Australian Financial Review said on early on Monday citing sources.

The country's second-biggest bank would begin the layoffs as early as this week but is yet to announce the changes internally, AFR said.

The move, if confirmed, would come after reports of larger peers Commonwealth Bank of Australia and Westpac Banking Corp axing of several hundred jobs to reduce higher costs amid high interest rates and inflation.

Layoffs at NAB would include capital markets types working within its corporate and institutional banking unit, where its markets business sits with a team of about 600.

NAB did not immediately respond to a Reuters request seeking comments outside normal business hours.

(Reporting by Poonam Behura in Bengaluru; Editing by Alison Williams)