Barclays is cutting 5,000 jobs, including developers, in an AI push

Barclays is cutting around 5% of its workforce. KHemaz/GVN via Getty Images Barclays said it's cutting 5,000 jobs, or 5% of its workforce, in an AI push. A Barclays exec said that "AI makes our people more productive." Wall Street at large is grappling with how AI will transform its workforce. Barclays said it's cutting 5,000 jobs, or around 5% of its full-time workforce, as it increases its reliance on AI. The British bank said in its third-quarter earnings statement that it is "structurally reducing" its costs through "technology-enabled" head count reductions. Barclays laid out the numbers in its accompanying earnings presentation, linking the cuts specifically to "organisational simplification and technology change efficiency driven by AI." Around 60% of the cuts will impact support functions, including developers, according to the presentation. Coding has become one of the main business use cases for AI across industries, causing some companies to cut back on developers. Anna Cross, Barclays' group finance director, said the layoffs come as "AI makes our people more productive." "Nowhere in the bank is this more relevant than in Barclays UK, where we have taken more structural cost actions than planned in '26," she said on the earnings call. Wall Street is grappling with how AI will impact head count for both back- and front-office roles, as much of junior bankers' technical, repetitive workload can be automated. Goldman Sachs said in a memo last year that it plans to "restrain head count growth," and JPMorgan CEO Jamie Dimon has said he will likely hire fewer bankers and more "AI people." This is a developing story. Check back for updates. Read the original article on Business Insider

Read it at Business Insider ↗

← Front page