Barclays Plans to Cut Around 5,000 Jobs as AI Takes Over Back-Office Tasks

British bank Barclays announced on Thursday that it is cutting around 5,000 jobs, representing about 5% of its global workforce, as it relies on artificial intelligence to handle back-office tasks and improve efficiency. Speaking to journalists on a conference call, the U.K. lender disclosed that it has already eliminated 1,000 positions and plans to cut the remaining 4,000 roles before the end of the year. According to media reports, the workforce reductions are likely to be concentrated in Barclays' home market in the U.K.