Barclays is cutting 5,000 jobs in an AI push

What happened: Barclays said it is cutting 5,000 jobs, about 5% of its full-time workforce, as it increases reliance on AI. The bank disclosed the plan in its third-quarter earnings presentation. Key numbers: 5,000 jobs cut, around 5% of full-time workforce, announced in Q3 earnings. Why it matters: Barclays linked the cuts to "organisational simplification and technology change efficiency driven by AI," as Wall Street at large grapples with how AI will transform its workforce. Coverage: 5 outlets in 24h

Barclays said it is cutting 5,000 jobs, about 5% of its full-time workforce, as it increases reliance on AI. The bank disclosed the plan in its third-quarter earnings presentation.

Barclays linked the cuts to "organisational simplification and technology change efficiency driven by AI," as Wall Street at large grapples with how AI will transform its workforce.