Barclays to cut about 5,000 jobs by end of 2026
Business
Barclays is set to lay off about 5,000 employees, around 5% of its workforce, by the end of 2026.
The bank says it's turning to tech and AI to boost efficiency, with most cuts hitting support roles like software development.
This follows an earlier round of 1,000 job losses this year.
Banks embrace automation, cutting jobs
The layoffs are part of a bigger trend: banks everywhere are using automation to save costs, but that means fewer jobs for humans.
Barclays's profits recently fell short of expectations, and CEO C.S. Venkatakrishnan admitted he was disappointed, saying they're making tough choices to control spending.
Plus, with possible new taxes on banks in the upcoming UK budget, there's even more pressure for change: more uncertainty ahead for people working in finance.