Barclays bank to cut about 5,000 jobs amid AI drive

Barclays has announced plans to cut approximately 5,000 jobs, representing about 5% of its 93,000 global staff, by the end of 2026. According to Guardian Technology, executives have already cut 1,000 workers since the start of the year. These reductions are part of a cost-cutting strategy driven by advances in artificial intelligence and efforts to increase efficiency.

Chief financial officer Anna Cross stated that the actions are intended to save more than £1.1bn in 2027, noting that roughly 60% of the group actions relate to support functions, including fewer developers.

The announcement coincided with an earnings update. Malay Mail reported that Barclays’ net profit grew 13 per cent in the third quarter. Regarding the role of technology, Chief Executive CS Venkatakrishnan told reporters that the bank has been making deep investments in infrastructure and simplifying processes. He described AI as the "icing on the cake" to modernising the bank's technology, noting that AI has an important role to play and may have an even more significant role in the future.

Brief written by urgent.news from Punch, Guardian Technology, Malay Mail, Sky News — 4 reports on this story. Machine-written — may contain errors; check the original before relying on it.