Barclays to eliminate 5,000 roles in artificial intelligence drive

Barclays plans to cut 5,000 jobs by the end of the year, according to reporting from Silicon Republic, Finextra, DealBook, the BBC, The Scotsman, The Independent, Reuters, and The Banker. The bank is reducing its workforce as part of a wider effort to cut costs by expanding its use of artificial intelligence. [1][2][3][4][5][6][7][8]

Silicon Republic reported that the 5,000 reductions account for approximately 5 percent of the bank's total headcount. Of those positions being eliminated, 1,000 were already cut during the first half of the year. [1]

Roughly 60 percent of the job cuts will take place within support functions, affecting developers and other technical professionals, Silicon Republic reported. DealBook and Finextra both noted that the restructuring reflects a growing industry trend of financial institutions attempting to improve efficiency with fewer workers through artificial intelligence. [1][2][3]

The job cuts come as Barclays reported a 12 percent rise in profits, according to The Banker. The bank's business originally traces back to a goldsmith banking enterprise established on Lombard Street in London in 1690. [8][10]