Barclays plans about 5,000 job cuts as AI use expands

The short version

• Barclays is cutting around 5,000 jobs, about 5% of its global workforce, as it adds more artificial intelligence to its operations.[BBC News]
• The bank says 1,000 posts have already closed and the remaining 4,000 reductions are expected by the end of this year.[BBC News]
• Around 60% of the cuts will fall in support functions, including among developers, according to the bank.[BBC News]
• Barclays reported a £2.3bn profit for the three months to September, slightly below forecast, and expects £1.1bn more savings in 2027.[BBC News]

Key facts

• Barclays is cutting around 5,000 jobs as it introduces more artificial intelligence into its work processes.[BBC News]
• The bank said 1,000 posts had already been closed and expects a further 4,000 reductions to be complete by the end of this year.[BBC News]
• Around 60% of the job cuts will fall within support functions, including among developers.[BBC News]
• Barclays reported a £2.3bn profit for the three months to September, higher than a year earlier but slightly below forecast.[BBC News]
• Barclays expects its efficiency measures to deliver a further £1.1bn of savings in 2027.[BBC News]

Sources

Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.

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• Barclays is cutting 5,000 jobs — including developers — in an AI pushBusiness Insider metered
• Barclays to cut 5,000 jobs as bank’s bosses hail AI productivity advancesThe Guardian - World
• Barclays is latest to redirect spending toward AI as it trims its workforceABC News - Business
• Barclays is latest to redirect spending toward AI as it trims its workforceAssociated Press