business
Barclays cuts 5,000 jobs globally as bank increases artificial intelligence automation
Barclays is cutting 5,000 jobs globally as it increases artificial intelligence automation.
Key points
- Barclays is cutting around 5,000 jobs globally, which represents 5% of its workforce.
- The banking group reported a £2.3bn profit in the three months to September.
- Chief executive CS Venkatakrishnan said technology investments are driving efficiency gains.
Why it matters. The cuts reflect how increased investment in technology and artificial intelligence may lead to lower employment and greater operational efficiency in the banking sector.
Barclays is cutting around 5,000 jobs globally, representing five percent of its workforce, as part of an increased use of artificial intelligence and a modernisation plan. The banking group reported that 1,000 positions have already closed, with another 4,000 reductions expected by the end of the year. Group chief executive CS Venkatakrishnan stated that the cuts stem from significant technology investments aimed at simplifying operations and driving efficiency gains.
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Barclays cuts 5,000 jobs globally as bank increases artificial intelligence automation
Barclays has announced plans to eliminate 5,000 positions globally, representing approximately 5% of its total workforce, as part of an ongoing restructuring driven by artificial intelligence automation. The banking institution disclosed that 1,000 roles have already been phased out, with the remaining 4,000 reductions scheduled for completion by the end of the year. Most of the affected jobs are concentrated within operational and functional departments aimed at streamlining administrative workflows. The workforce reduction accompanied third-quarter financial results reporting a 12% increase in pre-tax profit to £2.3bn alongside a £500m share buyback program.