Key facts
- Barclays plans to cut about 5,000 jobs, or about 5% of its workforce, per the AP roundup.
- About 60% of the Barclays cuts will come from support functions, including developers, AP reported.
- Barclays cited organizational simplification and technology change efficiency driven by AI in its quarterly report.
- Norway's DNB and Germany's Commerzbank also announced job cuts alongside AI pushes, AP said.
- Standard Chartered plans to cut more than 15% of back-office employees by 2030, AP reported.
Barclays disclosed plans to cut about 5,000 jobs, roughly 5% of its workforce, in a quarterly financial report. The bank attributed the reduction to organizational simplification and technology change efficiency driven by AI, according to an Associated Press roundup published by U.S. News & World Report on October 23.
About 60% of the cuts will come from support functions, including developers, the AP report said. The roundup listed nine companies whose 2026 layoffs or hiring reductions are linked to AI spending. Norway's DNB and Germany's Commerzbank also announced job cuts alongside a push into AI, AP said.
Standard Chartered plans to cut more than 15% of its back-office employees by 2030. The UK-based bank said in May that it was scaling practical uses of automation, advanced analytics and artificial intelligence to streamline processes, according to the AP report.