Barclays cutting 5,000 jobs as it increases reliance on AI
The bank says it is using more AI leading to a 5% reduction in its workforce.
Barclays is set to cut about 5,000 jobs this year as it expands its use of artificial intelligence (AI) across its operations.
The banking group said 1,000 roles have already been eliminated, and it expects a further 4,000 to go by the end of 2026.
The reductions represent 5% of its global workforce, with most of the affected positions in operational and functional areas.
Barclays said the cuts stem from investment in technology, with AI helping to make some work processes more efficient.
The bank is nearing the end of a three-year cost-cutting drive that has mainly targeted its UK retail banking business, though the investment banking division has also been impacted.
Barclays also said it made a £2.3bn profit in the latest three-month period it reported, up from a year earlier but slightly below expectations.
Economists have been closely examining company results for evidence that investment in new technology, especially AI, is changing day-to-day operations by improving efficiency and reducing staffing.
Barclays group chief executive CS Venkatakrishnan said the job cuts were "a result of the investments which we've made into technology over a number of years and which we continue to make".