Barclays to cut 5,000 jobs as bank’s bosses hail AI productivity advances
Equating to the loss of 5% of its 93,000 global staff, job cuts come as bank announces jump in quarterly profits Business live – latest updates Barclays is cutting 5,000 jobs as part of wider cost-cutting plans that its bosses say are being driven by advances in AI. The job cuts will mean losing about 5% of the bank’s 93,000 global staff, with executives confirming they had already cut 1,000…
Barclays is planning to cut 5,000 jobs in a bid to save over £1.1 billion by 2027, as its executives credit advances in AI for driving efficiency gains. The job cuts represent about 5% of the bank's 93,000 global staff, with the majority of the reductions focused on support functions such as developers. Barclays' chief financial officer, Anna Cross, confirmed that 60% of the job cuts are related to support functions, while its chief executive, CS Venkatakrishnan, emphasized that AI has played a significant role in modernizing the bank's technology.
The bank reported a 12% increase in quarterly profits, reaching £2.3 billion for the July to September quarter, and plans to return £500 million to shareholders through a share buyback. This announcement comes amid calls from the Trades Union Congress for banks to contribute more in the face of rising household bills.
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