The layoffs just keep coming: Barclays announced it is slashing 5,000 jobs, or about 5% of its workforce. It’s attributing the cuts to artificial intelligence , which the bank says has made its operations more efficient.
Of the 5,000 job cuts, 1,000 of the positions have already been eliminated, with another 4,000 layoffs scheduled by the end of this year . Many of those jobs are in developer and support roles.
As Fast Company recently reported , the AI Industry Exposure index, which identifies which industries are most exposed to potential AI disruption—i.e., job loss—found workers in finance and insurance had some of the highest levels of exposure.
“ We are positioning Barclays for the future, building the workforce and skills needed to deliver our strategy and meet the evolving needs of our customers and clients,” a Barclays spokesperson told Fast Company in a statement. “This includes investing £150m in our colleagues’ future skills by 2030, with 40,000 colleagues having already accessed our AI learning, which is available to all. For those who may be impacted by these changes, we provide a tailored career support and coaching service.”
The cuts will mainly affect the company’s U.K. retail banking operation, which is heavily staffed in India, where a large number of positions are expected to be eliminated, according to the BBC .
The bank, which is headquartered in the U.K. but operates globally, reported third-quarter earnings on Thursday. For the three-month period ending September 30, it reported pre-tax profits of £2.3 billion ($3 billion) , up 12% from the same period last year, but missed analyst expectations of £2.42 billion .
Barclays joins a long list of banks and other companies that have announced layoffs this year in the name of AI efficiency. Those include but are not limited to: Citigroup , which is eliminating up to 20,000 jobs, or 10% of its workforce; HSBC , which reportedly cleared out 10% of its highly-paid senior bankers; and Standard Chartered , which is cutting 7,000 jobs, or 15% of corporate function roles, by 2030.
