Barclays to cut 5,000 jobs due to use of AI and other technologies
The British bank raises its profit by 17% until September and announces a share buyback of £500 million.
Barclays has reported a 17% increase in its profit for the first nine months of the year, with attributable profit of 5.837 billion pounds. The bank has also announced a 500 million pound share buyback. As part of its cost-cutting strategy, Barclays will cut 5,000 jobs, a 5% reduction in its workforce, with 4,000 of the redundancies to be completed by the end of the year. The job cuts are linked to the introduction of artificial intelligence and other technologies.
Written by urgent.news from Expansion ES's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
