Barclays profits up 12% as UK banks brace for tax increase in budget
Barclays reported a 12% profit increase but announced plans to cut 5,000 jobs as part of a cost-saving strategy driven by AI integration. The move has drawn criticism from labor unions regarding the impact on the workforce.
Why it matters
This illustrates the growing trend of corporations using AI to justify workforce reductions and the resulting friction with labor organizations.
Barclays’ strong performance included a 6% rise in net interest income at its UK retail banking operations, to £2bn. Barclays’ strong performance included a 6% rise in net interest income at its UK retail banking operations, to £2bn. Barclays Barclays to cut 5,000 jobs as bank’s bosses hail AI productivity advances Equating to the loss of 5% of its 93,000 global staff, job cuts come as bank announces jump in quarterly profits
Prefer the Guardian on Google Barclays is cutting 5,000 jobs as part of wider cost-saving plans that its bosses say are being driven by advances in AI.
The job cuts will mean losing about 5% of the bank’s 93,000 global staff, with executives confirming they had already cut 1,000 workers since the start of the year.
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