Barclays is cutting around 5,000 jobs, roughly 5% of its global workforce, as it introduces more artificial intelligence into its processes. The bank said 1,000 posts have already been closed and it expects a further 4,000 reductions to be complete by the end of this year. Most of the cuts will fall in operational and functional roles, with around 60% in support functions including developers. Barclays framed the moves as part of an ongoing modernisation and three year cost-cutting programme that has focused mainly on its UK retail banking arm, though the investment banking division is also affected. The group reported a £2.3 billion profit in the three months to September, slightly below forecasts but higher than a year earlier. Chief executive CS Venkatakrishnan said significant technology investment is driving the efficiency gains and that AI is the "icing on the cake" once infrastructure is in place. The bank expects the restructuring to be substantially complete by the end of the year.
