Barclays announced on Thursday it will cut around 5,000 jobs, or 5% of its workforce, this year. The bank stated that 1,000 cuts are already complete, with 4,000 more expected by the end of the fourth quarter, as it leverages technology like AI to reduce costs and improve returns.
Barclays' significant job cuts signal a strategic shift towards AI-driven efficiency, impacting thousands of employees and reflecting broader trends in the banking sector's adoption of technology to reduce operational costs.
Barclays announced plans to eliminate approximately 5,000 jobs, representing about 5% of its global workforce, by the end of 2026. The bank stated that 1,000 of these reductions have already been implemented, with the remaining 4,000 expected to be completed by year-end. This move is driven by the bank's investments in technology, including artificial intelligence, to streamline operations and simplify its organizational structure. The job cuts are expected to primarily affect operational and functional roles, including those in its UK retail banking arm and investment banking division, as part of a larger £2 billion ($2.6 billion) cost-cutting strategy.
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