Barclays to slash 5,000 jobs in AI efficiency push
U.K. banks Barclays said Thursday it plans to cut 5,000 staff, citing efficiency savings from AI.
TL;DR
- Barclays plans to cut 5,000 jobs (about 5% of its workforce).
- The cuts are part of an efficiency push linked to artificial intelligence.
- About 60% of the job losses will be in support functions.
- The bank aims to structurally reduce costs and generate capacity for investment.
- Third-quarter pre-tax profit rose 12% year-on-year to £2.3 billion.