Barclays plans to cut 5,000 jobs as it leans on AI to trim costs

Barclays plans to cut 5,000 jobs this year as part of a modernization effort to improve efficiency and trim costs by leveraging AI. This move reflects a broader trend among financial institutions using AI to impact global workforce dynamics. Despite these layoffs, Barclays intends to invest in employee skill development. The bank recently reported a profit of £2.3 billion for the last quarter, highlighting its financial position while pursuing these strategic cost-cutting initiatives through technological integration.