Published • loading... • Updated
Barclays to axe 5,000 jobs in blow to City as AI replaces workers
Barclays said equities income jumped 47% and it made £200 million in cost savings as it nears the end of a three-year turnaround plan.
- On Thursday, British lender Barclays announced plans to cut 5,000 jobs, about 5% of its total workforce, as part of an artificial intelligence-linked efficiency push.
- The banking group reported a pre-tax profit of £2.3 billion for the three months to the end of September, which was 12% higher than the same period a year ago.
- Income from equities soared 47% in the third quarter, helping offset a 19% reduction in income from the fixed income trading arm.
- Barclays realized £200 million in cost efficiency savings during the third quarter, with roughly £300 million planned for the final three months of the year.
- Group chief executive CS Venkatakrishnan, known as Venkat, said the bank is on track to achieve all 2026 group targets while remaining committed to 2028 objectives.
Insights by Ground AI
56 Articles
56 Articles
The British banking group Barclays will dismantle approximately 5,000 positions by the end of 2026, in a cost reduction program. Restructuring, which targets about 5% of staff, takes place in parallel with the expansion of the use of artificial intelligence and an increase in profit.
Barclays cutting 5,000 jobs in AI
Barclays has revealed it is cutting 5,000 jobs – 5% of its workforce – as part of efforts to save costs and drive efficiency through investment in artificial intelligence (AI). المصدر: skynews business The post Barclays cutting 5,000 jobs in AI appeared first on khbrknews.
Coverage Details
Total News Sources56
Leaning Left5Leaning Right12Center18Last UpdatedBias Distribution52% Center
Bias Distribution
- 52% of the sources are Center
52% Center
14%
C 52%
R 34%
Factuality
To view factuality data please Upgrade to Premium
