Barclays to Cut 5,000 Jobs as Part of Artificial Intelligence Investments

Barclays Bank has decided to reduce its headcount by 5,000 employees to achieve cost reductions and efficiency through artificial intelligence and technology investments. This move, which corresponds to 5% of the bank's total workforce, joins the chain of layoffs in the sector driven by the impact of artificial intelligence.

In a statement made by the UK-based bank, it was noted that 60% of the layoffs will occur in support units. Bank management stated that fewer developers are needed as artificial intelligence increases employee productivity. Barclays CEO CS Venkatakrishnan noted in a results meeting that these layoffs are a result of technology investments.

Barclays Bank expects to achieve £1.1 billion in efficiency savings by 2027 as a result of these steps. These actions are projected to create a reduction of 5,000 full-time employees.