Standard Chartered · The Guardian Technology
Barclays to cut 5,000 jobs as bank’s bosses hail AI productivity advances
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Barclays is cutting 5,000 jobs as part of wider cost-cutting plans that its bosses say are being driven by advances in AI.
Key facts
- The lender said it logged £2.3bn in pre-tax profits over the July to September quarter, up 12% from £2.1bn during the same period last year
- The job cuts will mean losing about 5% of the bank’s 93,000 global staff, with executives confirming they had already cut 1,000 workers since the start of the year
- Barclays’ strong performance included a 6% rise in net interest income at its UK retail banking operations, to £2bn
- The bank’s chief financial officer, Anna Cross, told reporters on Thursday that the job cuts were part of plans to save more than £1.1bn in 2027
Summary
The job cuts will mean losing about 5% of the bank’s 93,000 global staff, with executives confirming they had already cut 1,000 workers since the start of the year. The bank’s chief financial officer, Anna Cross, told reporters on Thursday that the job cuts were part of plans to save more than £1.1bn in 2027. When asked how many of the total job cuts would be directly linked to advances in AI, the chief executive, CS Venkatakrishnan, said the bank had been making “deep investments” in technology and simplifying its processes. “That is driving the bulk of the efficiency gains that you’ve seen so far.