Barclays plans to cut approximately 5,000 jobs this year as it expands its use of artificial intelligence and other technology to reduce costs.
Chief financial officer Anna Cross told reporters on October 22 that 1,000 reductions had already been completed, with another 4,000 expected by the end of the fourth quarter.
Support functions, including developers, account for around 60% of the planned cuts. Business Insider reported that Barclays’ results presentation connected the reductions with organisational simplification and efficiencies from technology and AI.
The bank also reported quarterly pretax profit of £2.3 billion and £201 million in restructuring-related cost actions. Its fixed-income trading business performed below expectations.
The 5,000 figure covers the full-year programme, including cuts already made. The announcement links AI to a broader efficiency effort; it does not establish that every affected position is being directly replaced by an AI system.
