Barclays to cut 5,000 jobs as AI-led cost-cutting drive expands after mixed Q3 results and trading revenue falls
Barclays plans to cut 5,000 jobs as it expands AI-led cost savings, after reporting mixed third-quarter results and a 19% fall in fixed-income trading revenue.
British bank Barclays has announced plans to cut 5,000 jobs, or about 5% of its workforce, as part of a broader cost-cutting initiative. The job reductions will primarily impact support functions, including developers, and are expected to be completed by the end of the year. The announcement came after Barclays reported weaker-than-expected third-quarter earnings, with its bond trading business recording a significant decline.
Barclays' CEO, CS Venkatakrishnan, emphasized that AI will play a role in the cost-cutting strategy, but is not the sole solution. The bank's revenue from fixed-income and currency trading fell 19% year on year, while its equities trading business saw a 47% increase.
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