Barclays to cut 5,000 jobs while handing work over to AI — Chief Executive says AI is 'icing on the…
- Barclays is cutting 5% of its global headcount thanks to AI efficiency increases
- The company has been making "deep investments" in new technology, and AI is the "icing on the cake"
- 1,000 positions have already been removed, with the rest expected by the end of the year
Barclays has announced it will cut 5,000 jobs by the end of 2026 as part of a broad restructuring that will see more processes handled by artificial intelligence.
The positions of 1,000 employees have already been closed with the removal of another 4,000 employees expected to happen before the end of the year.
The figure represents 5% of Barclays' global headcount, with the majority of posts being closed involved in operational and functional roles in the UK retail banking arm, but investment banking will also see job cuts.
AI increasing efficiency
The reasoning given by Barclays for the cuts include new technological...
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