Mass layoffs at a major bank. It concerns several thousand people

Barclays has announced significant job cuts, with around 1,000 positions already eliminated and an additional 4,000 expected by year-end, primarily affecting operational and support roles. Approximately 60% of the layoffs will impact auxiliary departments, including programming positions. This move is part of a three-year cost-cutting program focused on retail banking in the UK, which also affects investment banking. CEO CS Venkatakrishnan attributed the layoffs to substantial investments in technology aimed at streamlining operations and enhancing efficiency, emphasizing the growing role of artificial intelligence. Barclays reported a third-quarter profit of £2.3 billion, exceeding last year's figures but falling short of forecasts, prompting economists to monitor the impact of technology investments on efficiency and employment.