Barclays said Thursday it will cut approximately 5,000 jobs as the British bank leverages artificial intelligence to boost efficiency and lower costs. Based in London, the bank—part of a wave of financial institutions adopting AI—is the latest to announce job reductions tied to technology. This move comes alongside Standard Chartered's announcement of over 7,000 elimination targets.
CEO C. S. Venkatakrishnan emphasized that while AI has an important role in future gains, "it is the icing on the cake, not the cake," highlighting the focus on broader organizational simplification.
The bank projects efficiency measures will save over £1.1 billion (approximately $1.5 billion) next year. These cuts represent about 5% of the bank's total workforce and target support roles including software developers. The shift reflects growing anxiety across the UK finance sector about AI-induced displacement in banking, law, and related fields.
Source: New York Times Business · Summarized by HeadlinesBriefing