Politics · India Bureau
Barclays to slash 5,000 jobs amid AI-driven cost restructuring push
The British banking giant is trimming 5% of its workforce this year while deploying artificial intelligence to streamline operations. The cost-cutting move comes as third-quarter profits climbed 12% to £2.3 billion.
LSN India ·
Barclays has announced plans to eliminate approximately 5,000 positions, representing roughly 5% of its total workforce, as part of a sweeping cost-reduction strategy centred on artificial intelligence deployment. The job cuts are expected to be implemented throughout the current year as the London-headquartered lender accelerates its digital transformation initiatives.
The restructuring announcement coincides with the bank's strong third-quarter financial performance, which saw pre-tax profit rise 12% to £2.3 billion compared with the same period last year. The improved results underline management confidence in the bank's strategic direction, even as it pursues significant workforce reductions.
Barclays' decision to harness AI technology for operational efficiency reflects a broader trend among global financial institutions seeking to reduce costs and enhance productivity. The bank has indicated that automation and artificial intelligence will play a central role in replacing manual processes across various business functions.
The redundancy programme is expected to reshape Barclays' operational footprint as it transitions to a technology-enabled business model. The bank has not yet disclosed which specific divisions or geographies will be most affected by the cuts, though the restructuring is likely to have implications across its institutional, consumer, and investment banking arms.