Barclays Plans Thousands of Job Cuts as AI Use Expands

Barclays expects to remove about 5,000 jobs, equal to roughly 5% of its global workforce. Around 1,000 roles have already gone.

Barclays plans to cut about 5,000 jobs. This is about 5% of its staff worldwide.

About 1,000 jobs have already gone. Many cuts will affect support jobs.

Some developer jobs may go too. About 60% of cuts may be in support teams.

Barclays said technology investment is one reason. Simpler work is another reason.

The bank also plans wider modernisation. Chief executive CS Venkatakrishnan said AI is important.

He said AI is not the only reason for the savings.

Barclays also reported a £2.3bn profit before tax. This was for the three months to the end of September.

The profit was 12% higher than last year.

Unite general secretary Sharon Graham criticised the bank. She said Barclays was using AI as an excuse to dismiss workers.

She said employers should help workers learn new skills.

Section: Business

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