Barclays to Cut 5,000 Jobs Amid AI-Driven Efficiency Initiative
Barclays has announced plans to reduce its workforce by approximately 5,000 roles, representing about 5% of its total staff. The decision was disclosed during the bank's third-quarter earnings statement on Thursday. The job cuts are part of a broader strategy to structurally reduce the cost base and create capacity for future investments. Management attributed the reductions to organizational simplification and efficiency gains driven by technological changes, specifically artificial intelligence. The impact will be most significant in support functions, including developer roles.