Barclays to cut about 5,000 jobs, with executives citing technology and AI efficiency gains
Photo: The GuardianBarclays said Thursday it will cut about 5,000 jobs, roughly 5% of its 93,000 global staff, as part of cost-saving plans it links partly to artificial intelligence. Chief financial officer Anna Cross told reporters the plans aim to save more than £1.1bn in 2027, and about 60% of the actions involve support functions, including fewer developers. Executives said 1,000 jobs have already gone this year, with about 4,000 more expected by the end of 2026. The news came with third-quarter results showing pretax profit up 12% to about $3.1 billion, plus a £500 million share buyback. Chief executive CS Venkatakrishnan said technology investment and simpler processes drive most efficiency gains, with AI secondary. Unite general secretary Sharon Graham said the bank is using AI as an excuse to discard workers.
ZeroHedge leads with a Bloomberg-cited presentation and links the cuts to falling UK youth employment in finance and technology, citing a Boston Consulting Group analyst who says AI is unlikely to be the whole story. The Guardian features executives' AI comments alongside the union's criticism. The Daily Caller leads with the CEO's remark that AI is a supplement, then profit, savings and buyback figures.
How the sides differ Alternative sources place the cuts within a UK youth jobs decline and doubt AI is the main cause; left sources add union criticism; right sources stress profits.
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 TimesBarclays to Cut 5,000 Jobs in A.I.-Driven Push to Lower Costs
The Guardian leads with the bank's AI-driven productivity rationale and the 5% staff reduction, and features the Unite general secretary's criticism that AI is being used as an excuse.
ZeroHedge relays Bloomberg's account of the presentation and focuses on falling UK youth jobs in finance and technology, quoting a BCG analyst who says AI is unlikely to be the whole story.
The Daily Caller leads with the CEO's comment that AI is a supplement to technology upgrades, adding the profit rise, 2027 savings target and share buyback.