Barclays cuts 5,000 jobs as it boosts artificial intelligence spending

Summarised from 2 outlets · Updated 23 Oct, 17:39 · Archive

Barclays is cutting 5,000 jobs, about 5% of its workforce, to fund artificial intelligence development.

Barclays revealed in a quarterly financial report that it is cutting 5,000 jobs as part of a shift to prioritise artificial intelligence investment. The bank cited 'organisational simplification and technology change efficiency driven by AI' as the reason for the redundancies. Approximately 60% of the cuts will come from support functions, including developer roles.

The move reflects a wider trend among major companies reallocating resources from traditional employment towards AI capabilities. Financial institutions are among the most active in deploying artificial intelligence, often at the expense of workers. Other banks have followed suit: Norway's DNB and Germany's Commerzbank have announced parallel job cuts alongside AI expansion. Grocery chain Kroger has also said it will lay off 3,000 corporate employees over three years as it increases its use of artificial intelligence.

How it is being reported

• Barclays is latest to redirect spending toward AI as it trims its workforceThe cost of building out the infrastructure needed to satisfy booming demand for artificial intelligence is changing the way major companies allocate resources.Clickorlando · 23 Oct, 17:05
• Barclays is latest to redirect spending toward AI as it trims its workforceThe cost of building out the infrastructure needed to satisfy booming demand for artificial intelligence is changing the way major companies allocate resources.News4Jax · 23 Oct, 17:05

In this story: Barclays · DNB · Commerzbank · Kroger · Greg Foran

This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem