How ‘Barclays-omics’ adds up - profits up 12% to £2.3 billion, workforce down five percent to cut costs. AI is the icing on the cake, it seems…
Barclays has revealed it is cutting five percent of its workforce - 5,000 people - and blaming crediting AI for it, even as it turns in a quarterly profit of £2.3 billion, up 12%.
It’s all part of efforts to save costs and drive efficiency, it seems, although costs already seem pretty tightly-managed. Operating expenses rose just one percent year-on-year to £4.6 billion, better than expected, while the cost-to-income ratio fell rom 63% to 62%
But the bank wants more and more and more, so on top of a thousand jobs already shed, another 4,000 will go before the end of the year. (Happy Christmas from Barclays, everyone!)
The bulk of the losses are expected in its home market, and will mainly affect operational and functional roles, but Barclays said its workforce would be hit globally.
According to CFO Angela Cross, the Bank is looking for “more than” one billion...
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