Barclays to slash 5,000 jobs in AI efficiency push

British lender Barclays has revealed plans to cut 5,000 jobs — about 5% of its total workforce — as part of an artificial intelligence-linked efficiency push.

In its third-quarter earnings statement Thursday, Barclays said it was “structurally reducing the cost base to generate capacity for investment.”

The reductions come from “organizational simplification and technology change efficiency driven by AI,” the bank said, with cuts felt mainly in support functions, including developers, Barclays added.