Fastrack · Barclays to Cut 5,000 Jobs in AI Push

National Australia Bank will cut up to 2,500 jobs, mostly in corporate functions. Up to 1,500 roles go before year's end.

1,000 more roles could go by the end of the 2027 financial year.
$300 million pre-tax restructuring charge expected in the 2026-27 financial year.
5,000 Barclays staff, about 5% of its workforce, face cuts by Christmas.
£2.3 billion pre-tax quarterly profit at Barclays, up 12% year on year.

Why it matters: Banks are cutting staff while expanding automation and overseas teams. NAB workers say those shifts are behind their job losses.

A leaked NAB plan shows its India share of one tech team rising to 30%.
14,% earlier: India's share in that team was previously 14%.

How 8 sources split on this story

Source landscape

Factuality

High

Mixed

Low

Strong LeftLeftLean LeftCenterLean RightRightStrong Right

Political Bias

Coverage by lean% of 8 sources

8 sources · 9 articles · 50% Center coverage

Where they split: Workers link the NAB cuts to AI and offshoring, while the bank says the changes do not reflect widespread AI replacement of roles.

Center4 sources

BBC News2hBarclays cutting 5,000 jobs as it increases reliance on AI CNBC2hBarclays to slash 5,000 jobs in AI efficiency push MarketWatch1hWhy a global bank is slashing thousands of jobs — and what the Fed says about AI replacing workers Sky News2hBarclays cutting 5,000 jobs in AI-led efficiency drive

Left2 sources

The Independent22mBarclays announces major job cuts despite sharp rise in profits Business Insider1hBarclays is cutting 5,000 jobs in an AI push

Right coverage, 2 sources: The right frames the story around banks cutting jobs before Christmas as AI use grows, highlighting worker anxiety.

Daily Mail7hNAB workers raise AI and offshoring fears as 2,500 jobs face axe: 'People are feeling the anxiety'The Sun2hBarclays to cut 5,000 staff by Christmas in push to use AI

What’s next: Affected NAB employees will reapply for fewer positions during a two-week consultation period.

Unsuccessful staff will finish by December 17 at the latest.
How many NAB roles will move to India and Vietnam rather than disappear?
Will other Australian banks follow with similar cuts?