Barclays cutting 5,000 jobs as it increases reliance on AI
Summary
Barclays is cutting about 5,000 jobs this year because it is using more artificial intelligence (AI) to make work more efficient. Most job losses are in operational and support roles, and the cuts are part of a cost-cutting plan as the bank invests in new technology.Key Facts
- Barclays has already cut 1,000 jobs and plans to cut another 4,000 by the end of 2026.
- These job cuts make up 5% of Barclays’ global workforce.
- The reductions mostly affect operational and functional roles.
- The job cuts come from investments in AI and technology to improve efficiency.
- Barclays is finishing a three-year cost-cutting plan focused mainly on its UK retail banking sector.
- The investment banking division of Barclays is also affected by the cuts.
- Barclays reported a profit of £2.3 billion in the latest quarter, higher than last year but slightly below expectations.
- Barclays’ CEO, CS Venkatakrishnan, said the job cuts are a result of ongoing investments in technology.
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