Barclays cutting 5,000 jobs as it increases reliance on AI
The bank says it is using more AI leading to a 5% reduction in its workforce.
Barclays is reducing its workforce by around 5,000 employees this year as it integrates more artificial intelligence (AI) into its operations. The bank has already let go of 1,000 workers and anticipates completing the remaining cuts of 4,000 by the end of 2026. This represents 5% of the company's global workforce, primarily affecting operational and functional roles.
Barclays attributes the job reductions to technological investments, with AI streamlining certain processes. The cost-cutting initiative is nearing completion after three years, with the UK retail banking arm being the primary focus, though the investment banking division is also impacted. The bank reported a £2.3bn profit in the latest three months, slightly lower than forecasted.
Economists are closely monitoring companies' results to gauge the impact of technology and AI investments on their operations, efficiency, and employment levels. Barclays' CEO, CS Venkatakrishnan, stated that the layoffs are a result of the technological investments made over several years and ongoing efforts.
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