Microsoft AI boss says more bank jobs will go as Barclays axes 5,000 roles
AI will eliminate some jobs in Britain’s banking sector, a senior Microsoft executive has told City AM, as Barclays became the latest major lender to announce thousands of cuts linked to the technology. Bill Borden, Microsoft’s global head of financial services, told City AM that AI would replace much of the routine work traditionally carried [...]
Microsoft's AI chief predicts job losses in Britain's banking sector as Barclays cuts 5,000 roles using AI technology. Bill Borden, Microsoft's global head of financial services, said AI will replace routine tasks currently performed by junior bankers, changing the skills required to enter the industry. AI is already impacting the work of junior analysts, who spend hours analyzing data and preparing presentations.
Borden acknowledged that AI could lead to a reduction in the workforce, but also sees potential for new roles arising from the technology. However, concerns remain as a Microsoft survey found that 57% of UK workers using AI in their jobs feared it would reduce opportunities for young professionals. Despite these concerns, British banks are investing heavily in AI, with Barclays already deploying AI to around 100,000 employees and reporting significant time savings.
Written by urgent.news from City AM's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 6 other outlets
- Barclays cutting 5,000 jobs as it increases reliance on AI gbcghanaonline.com
- Barclays cutting 5,000 jobs as it increases reliance on AI bbc.co.uk
- Barclays is cutting 5,000 jobs in an AI push businessinsider.com
- Barclays plans to cut 5,000 jobs, or ~5% of its workforce, by the end of 2026 as part of AI-driven cost cutting, with ~60% coming from support and developers (William Shaw/Bloomberg) bloomberg.com
- Barclays cutting 5,000 jobs in AI-led efficiency drive news.sky.com
- Barclays to slash 5,000 jobs in AI efficiency push cnbc.com
