Equating to the loss of 5% of its 93,000 global staff, job cuts come as bank announces jump in quarterly profits

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Barclays is cutting 5,000 jobs as part of wider cost-cutting plans that its bosses say are being driven by advances in AI.

The job cuts will mean losing about 5% of the bank’s 93,000 global staff, with executives confirming they had already cut 1,000 workers since the start of the year.

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”.