Barclays cuts 5,000 jobs as AI reshapes banking
What's the story
Barclays, one of the leading banking groups, has announced plans to cut around 5,000 jobs this year. The move comes as part of its strategy to integrate artificial intelligence (AI) into its operations. The company said that it has already closed 1,000 positions and expects another reduction of 4,000 by the end of this year.
Impact
Job cuts to impact nearly 5% of global workforce
The job cuts will affect nearly 5% of Barclays' global workforce, with most of the reductions coming from operational and functional roles.
The bank said these changes are a result of its investment in technology, which has made some work processes more efficient.
The move comes as Barclays nears the end of a three-year cost-cutting program primarily focused on its UK retail banking arm but also affecting its investment banking division.
Financial performance
Barclays reports £2.3 billion profit in latest quarterly results
Barclays reported a profit of £2.3 billion in its latest quarterly results. The figure is an improvement from last year but slightly below economists' expectations.
The banking group's CEO CS Venkatakrishnan attributed the job cuts to "the investments which we've made into technology over a number of years and which we continue to make."