Barclays plans around 5,000 job cuts in AI efficiency drive
The reductions include around 1,000 jobs already removed, while the bank also announced a £500 million share buyback.
Barclays said on 22 October that around 5,000 jobs would be cut as it pursues organisational changes and greater use of artificial intelligence. Around 1,000 of those positions were eliminated in the first half of the year.
Support roles, including developers, represent about 60 per cent of the reductions, according to the bank. Barclays said AI was increasing staff productivity as part of its efficiency measures.
The bank also reported third-quarter net profit growth of 13 per cent. Profit attributable to shareholders was £1.65 billion, up from £1.46 billion a year earlier, and it announced plans to buy back £500 million of shares.
Quarterly income across the group reached £7.37 billion, an increase of 3 per cent. Equities income rose by 47 per cent year-on-year. Chief executive C. S. Venkatakrishnan expressed satisfaction with Barclays’ financial and operational momentum, highlighting equities performance.
Quilter Cheviot financial analyst Will Howlett said the bank expected savings exceeding £1.1 billion from its efficiency measures. He said Barclays remained on track against its longer-term targets despite weakness in fixed-income trading.
