Barclays to cut 5,000 jobs amid growing reliance on AI
LONDON: Britain’s Barclays has announced plans to cut around 5,000 jobs worldwide by the end of 2026 — about 5 percent of its global workforce — as it increases its reliance on artificial intelligence and technology to reduce costs.The bank said 1,000 roles had already been eliminated, while the remaining 4,000 job cuts would be…
LONDON: Britain’s Barclays has announced plans to cut around 5,000 jobs worldwide by the end of 2026 — about 5 percent of its global workforce — as it increases its reliance on artificial intelligence and technology to reduce costs.
The bank said 1,000 roles had already been eliminated, while the remaining 4,000 job cuts would be completed by the end of the fourth quarter of this year.
Barclays said the reductions aim to simplify the organisation, streamline operations and improve productivity through AI. About 60 percent of the cuts will affect support functions, including software developers.
Chief Executive C.S. Venkatakrishnan said Barclays would deploy AI at scale, but added that AI was the “icing on the cake,” while the underlying gains came from technology infrastructure and simpler processes.
The bank expects its efficiency measures to deliver savings of more than £1.1 billion next year. Barclays reported third-quarter profit of £2.3 billion, up 12 percent year-on-year.
