Artificial intelligence helps to eliminate five thousand jobs at Barclays

Barclays plans to cut 5,000 jobs by year-end, citing efficiency gains from AI. This represents 5% of its workforce, primarily affecting support roles. The bank reported a 13% increase in net profit for Q3, reaching €2 billion. Structural cost actions amounting to £201 million are part of a long-term expense reduction strategy. Barclays has already eliminated 1,000 positions, with 4,000 more expected to follow. Analysts note that these cuts highlight the impact of AI and automation on the banking sector. Barclays also reported a 17% year-on-year increase in attributable profits, with total revenues rising by 8%.