Barclays is cutting around 5% of its workforce.
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Barclays said it’s cutting 5,000 jobs, or 5% of its workforce, in an AI push.
The British bank made the announcement in its third-quarter earnings presentation.
Wall Street at large is grappling with how AI will transform its workforce.
Barclays said it’s cutting 5,000 jobs, or around 5% of its full-time workforce, as it increases its reliance on AI.
The British bank said in its third-quarter earnings statement that it is “structurally reducing” its costs through “technology-enabled” head count reductions.
Barclays laid out the numbers in its accompanying earnings presentation, linking the cuts specifically to “organisational simplification and technology change efficiency driven by AI.”
Around 60% of the cuts will impact support functions, including developers, according to the presentation.
Wall Street overall is grappling with how AI will impact head count for both back- and front-office roles, as much of junior bankers’ technical, repetitive workload can be easily automated.
Goldman Sachs said in a memo last year that it plans to “restrain head count growth,” and JPMorgan CEO Jamie Dimon has said he will likely hire fewer bankers and more “AI people.”
This is a developing story. Check back for updates.
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