Business
Barclays to Cut 5,000 Jobs in A.I.-Driven Push to Lower Costs
New York TImes · 3 hours ago · Read the Full Story on New York TImes
AI SUMMARY
British bank Barclays announced it will cut about 5,000 jobs as part of an artificial intelligence-driven push to increase efficiency and reduce costs.
- Barclays announced plans to cut approximately 5,000 jobs, representing 5 percent of its workforce.
- The layoffs are driven by a reliance on artificial intelligence to increase efficiency and lower costs.
- About 60 percent of the job cuts will affect employees in support roles, including software developers.
- Barclays expects its efficiency measures to deliver savings of more than 1.1 billion pounds, or $1.5 billion, next year.
- The company has already cut 1,000 of the targeted roles.
- The job cuts follow a quarterly profit increase of 12 percent that fell short of analysts' forecasts.
- Standard Chartered previously announced plans to eliminate more than 7,000 jobs in May.
- In the United States, artificial intelligence has been cited by companies more than 120,000 times this year as a reason for reducing workforces.
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