LONDON: British bank Barclays announced Thursday plans to cut around 5,000 jobs, or roughly five percent of its global workforce, by the end of 2026 in an AI efficiency drive.
The announcement came alongside an earnings update that showed Barclays’ net profit grew 13 percent in the third quarter.
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Barclays said it was implementing “organisational simplification and technology change efficiency driven by AI”.
“About 60 percent of the job losses relate to support functions, including fewer developers as AI makes our people more productive,” it added.