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Barclays cuts 5,000 jobs, citing AI advances and cost-cutting initiatives
Key points
- Barclays cuts 5,000 jobs, 5% of global staff.
- Job reductions are part of £1.1bn cost-saving plan.
- AI and technology investments cited for productivity gains.
- 1,000 workers already cut since year start.
Workforce Reduction Details
Barclays announced a reduction of 5,000 full-time employees, representing about 5% of its 93,000 global staff. This initiative is part of a broader strategy to achieve over £1.1bn in savings by 2027. The bank has already cut 1,000 workers since the beginning of the year.
Role of AI and Technology
Chief Financial Officer Anna Cross stated that approximately 60% of the job cuts are in support functions, including developer roles, due to AI increasing productivity. CEO CS Venkatakrishnan noted that deep investments in technology and process simplification are driving efficiency gains, with AI playing an important and growing role in modernizing the bank's technology infrastructure.
Financial Performance and Shareholder Returns
The job cuts coincide with Barclays reporting a 12% increase in pre-tax profits to £2.3bn for the July to September quarter. The bank also announced plans to return an additional £500m to shareholders through a share buyback, bringing the total shareholder returns since January to £2.8bn.
Industry Context
This move follows a similar announcement by Standard Chartered, another UK-headquartered bank, which plans to cut over 7,000 jobs and reduce 15% of its back-office roles by 2030, also citing increased AI adoption.
✨ This summary was generated by AI from the outlets' reporting listed below. It is not independently verified and may contain errors — check the original sources. How BrevFeed works →
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Reporting from
Barclays is reducing its global workforce by 5,000 employees, approximately 5% of its staff, as part of a £1.1bn cost-saving plan by 2027. The bank's executives attribute these cuts, particularly in support functions and development roles, to increased productivity driven by AI and technology investments.