Barclays plans to cut 5,000 jobs, about 5% of its workforce, driven by AI and efficiency measures, as third-quarter profit rose 12%.
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01Summary
- 01Barclays announced 5,000 job cuts, about 5% of its total workforce, in its third-quarter earnings statement on Thursday.
- 02Approximately 60% of the cuts will be in support functions, including developers, due to AI-driven organisational simplification and technology change.
- 03The bank's third-quarter pre-tax profit increased 12% year on year to £2.3 billion ($3.1 billion), matching forecasts.
- 04Group income for the quarter was £7.4 billion, below analysts' estimate of £7.61 billion.
- 05Shares in Barclays were nearly 1% lower shortly after the London market opened.
02Why it matters
This matters because job losses from AI are accelerating in financial services, affecting roles from developers to support staff, and showing how banks are cutting costs to invest in technology.
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