AssetID: 56098211
Headline: UNCAPTIONED: Barclays Cutting 5,000 Jobs As It Increases Reliance On AI
Caption: Barclays Cutting 5,000 Jobs As It Increases Reliance On AI. Barclays is cutting around 5,000 jobs this year as the banking group increases its use of artificial intelligence and other technology. The reductions represent about 5% of Barclays' global workforce and will mainly affect operational and functional roles. Around 1,000 positions have already been eliminated, with a further 4,000 expected to go by the end of 2026. Barclays said investment in technology and AI had made some work processes more efficient, reducing the need for certain roles. The bank is nearing the end of a three-year cost-cutting programme focused primarily on its UK retail banking business. Its investment banking division is also affected by the reductions as Barclays seeks to lower costs across the group. Barclays reported a £2.3 billion profit for its latest three-month period, up from a year earlier but slightly below forecasts. Barclays CEO CS Venkatakrishnan said the job cuts were the result of technology investments made over several years and continuing investment in the sector. Instructions: THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: Current Affairs & Politics,Barclays,artificial intelligence,AI,job cuts,banking,CS Venkatakrishnan,technology,UK,banking industry,employment,automation,workforce,cost cutting,retail banking,investment banking,technology investment
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