Barclays to cut 5,000 jobs globally this year as it ramps up AI adoption
The banking group said it has already cut around 1,000 positions, with a further 4,000 job cuts expected to be completed by the end of this year.
Barclays plans to cut around 5,000 jobs globally by the end of 2026 as it becomes more reliant on artificial intelligence (AI), according to a BBC report. The banking group has already let go of approximately 1,000 employees, with an additional 4,000 expected to be laid off by year-end. This amounts to about 5% of the company's global workforce, primarily targeting operational and support functions.
Barclays Group CEO CS Venkatakrishnan emphasized that while AI would play a crucial role in the company's operations, it was not the driving force behind the job cuts. "AI is the icing on the cake, not the cake," Venkatakrishnan stated, emphasizing the importance of building the necessary technological infrastructure to unlock the benefits of AI.
Around 60% of the planned job cuts are expected to impact support functions, including developers. Barclays' job cuts are part of a three-year cost-cutting program, primarily focused on its UK retail banking operations, though its investment banking division has also been affected. Venkatakrishnan reported that the company made a profit of £2.3 billion for the three months ending September, higher than the same period a year earlier but slightly below expectations.
Written by urgent.news from Hindustan Times - World News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
