AI Is Coming For Bankers
Summary
Barclays, a large bank, announced it will cut 5,000 jobs worldwide as it increases the use of artificial intelligence (AI) in its operations. The company expects AI to help lower costs and improve productivity but says not all job cuts are only because of AI.Key Facts
- Barclays plans to reduce its workforce by about 5 percent, cutting 5,000 jobs globally.
- About 1,000 of these job cuts have already happened.
- The bank expects to save around £1.1 billion ($1.5 billion) in costs next year due to these changes.
- Sixty percent of the job reductions will be in support roles like developers, where AI will make employees more productive.
- Barclays has invested heavily in modernizing its systems to better use AI.
- The bank also invests in employee training, pledging £150 million ($201 million) to develop skills by 2030.
- The union for banking workers criticized Barclays for using AI as a reason for job cuts and urged focus on retraining staff.
- Experts say AI will greatly affect banking jobs but cost cuts and tech updates are also factors in the job reductions.
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