Barclays raises profits to seven billion by September and cuts five thousand jobs due to AI

Barclays reported a profit of £5.8 billion, a 17% increase, while announcing a reduction of 5,000 jobs due to AI integration. The bank's pre-tax profit reached £8.4 billion, with total revenues up 8% to £23.9 billion. Operational expenses rose by 4% to £13.6 billion. Barclays also initiated a £500 million share buyback program. CEO C. S. Venkatakrishnan highlighted strong loan growth, particularly in corporate banking. CFO Anna Cross confirmed the job cuts, primarily affecting operational and management roles, as a result of ongoing technology investments.