Barclays Cuts 5,000 Jobs as AI Push Drives 5% Workforce Reduction
Updated
Updated · bbc.co.uk · Oct 22
Barclays Cuts 5,000 Jobs as AI Push Drives 5% Workforce Reduction
2 articles · Updated · bbc.co.uk · Oct 22
Summary
Barclays plans to eliminate about 5,000 roles worldwide this year, with 1,000 already gone and another 4,000 expected by year-end.
60% of the cuts will hit support functions, including developers, as the bank says technology investment and AI are driving efficiency gains under a broader modernization plan.
The reductions mark the closing phase of a three-year cost-cutting program centered on UK retail banking, though the investment bank is also affected.
£2.3 billion in third-quarter profit topped a year earlier but came in slightly below forecasts, underscoring investor focus on whether AI spending is translating into lower costs and leaner staffing.