Barclays to Cut About 5,000 Jobs, 5% of Workforce, in AI-Linked Efficiency Drive
Photo: The New York TimesBarclays said Thursday it will cut about 5,000 jobs, roughly 5% of its workforce, in an efficiency push linked to artificial intelligence. The British lender announced the plan with third-quarter results, saying it was structurally reducing its cost base to generate capacity for investment. About 60% of the cuts are expected in support functions, including developers, according to the earnings presentation. Shares were almost 1% lower by 8:50 a.m. in London. Pre-tax profit rose 12% to £2.3 billion ($3.1 billion), matching LSEG forecasts, but group income of £7.4 billion missed the £7.61 billion analyst estimate. Return on tangible equity fell to 11.7% from 16.1%.
Right-leaning outlets had not reported the story at the time of writing, while left-leaning and alternative/independent outlets had. The left-leaning New York Times presents it as the latest example of a company saying AI lets it operate with fewer workers. Among alternative sources, CNBC details the earnings figures and job breakdown, while Reuters stresses cutting fixed costs and improving returns through technology such as AI.
How the sides differ Left sources frame the cuts as an example of AI enabling fewer workers; alternative sources stress earnings and costs; right sources have not covered it.
Headline, comparison and summary written by AI from the articles below. AI can make mistakes, so check the original articles before relying on a detail.
The New York Times leads with the cuts as the latest illustration of a company saying AI lets it be more efficient with fewer workers.
CNBC details the earnings statement, job breakdown and financial figures, quoting Barclays' presentation; Reuters focuses on using AI and other technology to cut fixed costs and improve returns.
Not covering this story. None of the right-leaning outlets Crosswire tracks has reported it yet. What one side leaves out can be as telling as what the others report.