Barclays Plans 5,000 Job Cuts as AI Push Reshapes Operations
By PYMNTS
AI summary of the source article
Barclays plans to eliminate about 5,000 jobs, or 5% of its workforce, this year as it expands the use of AI and technology. Around 60% of the cuts will impact support functions, including software.
Why it matters
The bank is expanding its use of artificial intelligence and technology "to improve productivity and reduce costs".
Key facts
- Barclays plans to eliminate about 5,000 jobs this year, representing roughly 5% of its workforce.
- The cuts come as the bank expands its use of AI and technology to improve productivity and reduce costs, despite rising third-quarter profits.
- About 60% of the reductions will impact support functions, including software.
Source excerpt · PYMNTS
Barclays plans to eliminate about 5,000 jobs this year as the British bank expands its use of artificial intelligence (AI) and technology to improve productivity and reduce costs, even as third-quarter profits rose. The reductions represent about 5% of the bank’s workforce, Barclays said Thursday (Oct. 22). About 60% will affect support functions, including software […] The post Barclays Plans 5,0…