Business
Barclays cutting 5,000 jobs as it increases reliance on AI
The bank says it is using more AI leading to a 5% reduction in its workforce.
BBC Business•
Barclays is cutting around 5,000 staff this year as it introduces more artificial intelligence (AI) into its processes.
The banking group said 1,000 posts had already been closed and it expects a further reduction of 4,000 to be complete by the end of 2026.
The cuts amount to 5% of its global workforce. Most are operational and functional roles, with the bulk in its UK retail banking arm. However, its investment banking division will also be affected.