Barclays to cut 5,000 jobs as AI drive reshapes support roles
What's new: About 60% of the cuts are expected in support functions, including software developers, as the bank funds new investment.
Barclays plans to cut 5,000 jobs, or about 5% of its workforce, as the British lender restructures operations and uses AI-led technology changes to improve efficiency. The bank said the reductions are part of a structural effort to lower its cost base and free up capacity for investment. About 60% of the cuts are expected to fall on support functions, including software developers. The move came alongside Barclays' third-quarter results, which showed pretax profit rose 12% from a year earlier to 2.3 billion pounds. Group revenue was 7.4 billion pounds, below analysts' 7.61 billion-pound estimate.