British bank Barclays plans to cut about 5,000 jobs by the end of 2026. The reduction represents about five percent of its global workforce and will mainly affect operational positions and support functions. The bank announced the plan in London. hnonline.sk ↗
About 1,000 jobs have already been eliminated. Another approximately 4,000 positions are to be cut by the end of the year. The affected jobs also include some developer positions and other employees whose tasks the bank considers replaceable. Die Zeit ↗
Barclays links the staff reductions to investments in artificial intelligence and efforts to increase the efficiency of its processes. According to the bank, the technology is expected to enable the automation of part of the work and reduce the need for human labor in selected activities. ORF ↗
The decision comes despite the fact that the bank recorded year-on-year growth in pre-tax profit in the third quarter. Barclays is thus pursuing extensive cost savings at a time when it is also modernizing its operations and expanding its use of artificial intelligence. Der Standard ↗
The bank wants to complete the planned reduction by the end of this year. Developments at Barclays also illustrate a broader shift in the banking sector, where financial institutions are investing in new technologies to make operations more efficient and limit labor costs. teraz.sk ↗
Barclays to cut about 5,000 jobs by the end of the year
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