LONDON: British bank Barclays plans to cut 5,000 jobs worldwide by the end of 2026 as it seeks to reduce costs, streamline operations and increase its use of artificial intelligence.
The announcement came as the bank reported a 13% increase in profit during the third quarter of its financial year.
In a statement, Barclays said the job cuts were part of efforts to simplify its operations and improve efficiency through technology and AI.
About 60% of the positions being eliminated are in support functions, where AI has helped improve employee productivity, according to the statement.
The bank said it had already eliminated 1,000 positions, with a further 4,000 cuts planned by the end of the year.
The reductions will amount to about 5% of Barclays’ global workforce.
The move will also mark the conclusion of a three-year cost-cutting drive as financial institutions increasingly adopt AI and automation to improve productivity and reduce operating expenses.
