Barclays to Trim 5,000 Jobs as AI Use Expands

Barclays is cutting around 5,000 jobs as it pushes artificial intelligence into its operations. The bank said 1,000 positions have already been closed and the remaining 4,000 will be gone by year‑end. The cuts represent about 5 % of its global staff, mainly in operational and functional roles. Roughly 60 % of the layoffs will fall in support functions, including developer teams. The move is part of a three‑year cost‑cutting programme that began with a focus on its UK retail banking arm and now also touches investment banking. Barclays reported a £2.3 billion profit for the three months to September, up from the same period a year earlier but a little below analysts’ forecasts. Chief executive CS Venkatakrishnan said the job reductions stem from heavy investment in technology that aims to simplify and improve the business. He added that AI is “the icing on the cake” and that most efficiency gains so far come from the technology build‑out. Economists are watching the rollout to see if AI delivers the promised productivity boost and lower headcount.

Context AI adoption in banking is meant to automate routine tasks and reduce costs, but it also leads to role redundancy, especially in back‑office support areas.