The Guardian · AI
Barclays plans 5,000 job cuts as executives point to AI advances
Barclays plans to eliminate 5,000 positions, about 5% of its global workforce of 93,000. Executives linked the broader cost-cutting programme to AI productivity advances and confirmed that 1,000 staff had already been cut since the start of the year. The bank also reported higher quarterly profits.
Source published: Brief prepared:
What to know
- 01
The cuts total 5,000 jobs, roughly 5% of Barclays’ 93,000 global staff.
- 02
Management linked its broader cost-cutting plans to AI advances and confirmed 1,000 job cuts since the year began.
Why it matters
The report concerns the relationship between AI advances, bank cost-cutting and staffing, with that link attributed to Barclays management.
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