Barclays is reducing 5,000 jobs, or 5% of its workforce, as part of a cost-cutting initiative to enhance efficiency and prepare for future investments. The cuts are primarily targeted at support functions, including developers.
Key points
Barclays to cut 5,000 jobs, 5% of its workforce.: Barclays to cut 5,000 jobs, 5% of its workforce.
Aim to boost efficiency and prepare for future investments.: Aim to boost efficiency and prepare for future investments.
Sources checked by our analysis pipeline: 1
British lender Barclays has revealed plans to cut 5,000 jobs — about 5% of its total workforce — as part of an artificial intelligence-linked efficiency push.
In its third-quarter earnings statement Thursday, Barclays said it was "structurally reducing the cost base to generate capacity for investment."
The reductions come from "organizational simplification and technology change efficiency driven by AI," the bank said, with cuts felt mainly in support functions, including developers, Barclays added.
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Barclays, a major British bank, is set to cut 5,000 jobs this year as part of a restructuring effort to improve profitability. The layoffs are expected to begin in the coming months and will impact various departments across the organization.
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