Barclays to slash 5,000 jobs in AI cull

What happened: Barclays is to cut 5,000 jobs that will be replaced by AI, one of the biggest tech-driven employment culls seen in the UK. The bank said it had already removed 60pc of costs in supporting roles in the first half of the year. Key numbers: 5,000 jobs cut. Why it matters: Barclays missed City expectations on weak fixed income trading despite higher pre-tax profits. The cuts come as other banks, including Standard Chartered and HSBC, announce AI-driven staff reductions, and as the City expects John Healey to raise taxes on banks in the upcoming Budget. Market: +1.2% today ($93.90), +20.7% YTD, 0.6x vol — as of 22:46 UTC Coverage: 6 outlets in 24h

Barclays is to cut 5,000 jobs that will be replaced by AI, one of the biggest tech-driven employment culls seen in the UK. The bank said it had already removed 60pc of costs in supporting roles in the first half of the year.

Barclays missed City expectations on weak fixed income trading despite higher pre-tax profits. The cuts come as other banks, including Standard Chartered and HSBC, announce AI-driven staff reductions, and as the City expects John Healey to raise taxes on banks in the upcoming Budget. Market: +1.2% today ($93.90), +20.7% YTD, 0.6x vol — as of 22:46 UTC