Barclays to cut 5,000 jobs as it adopts AI across the bank

Barclays said Thursday it is cutting about 5,000 jobs, roughly 5% of its 93,000-person workforce, this year as it uses AI and other technology to lower fixed costs. About 1,000 roles are already gone, with the rest due by the end of the fourth quarter, and around 60% of the cuts fall on support functions, including developers. CEO C.S. Venkatakrishnan said the bank will "employ AI at scale" but called AI "the icing on the cake, not the cake." The cuts were announced alongside third-quarter results that missed several estimates.