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Barclays announced plans to cut about 5,000 jobs this year, roughly 5% of its workforce, citing efficiency gains from AI as one of the reasons. According to WSJ, about 1,000 of those positions were already cut in the first half, with the rest to be completed by year-end; about 60% of the cuts fall on support functions, and CEO C.S. Venkatakrishnan said these include fewer developers because AI makes employees more efficient. Follow-up reports said Barclays will spend about £600 million on this restructuring this year, roughly double previous estimates; the UK union Unite criticized it for using AI as an excuse to abandon employees and said it is in urgent negotiations with the bank. Reports from the same period also mentioned that HSBC and Standard Chartered are also preparing layoffs.
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- Source:Rohan Paul
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Oct 24
The Guardian Technology
UK Chancellor of the Exchequer John Healey pledges hundreds of millions of pounds in the budget to develop AI safety and industry
UK Chancellor of the Exchequer John Healey in his first budget pledged hundreds of millions of pounds to develop a "distinctly British" AI path, including new investment in the AI Security Institute, AI chip design capability in Edinburgh, an AI Centre of Excellence in Manchester, and 10 million pounds per year to study AI's impact on jobs. The Treasury will also support up to 300 million pounds of public-private investment to build a new AI Biosecurity Lab.
Oct 23
Cailian Press
Barclays announces 5,000 layoffs; UK union Unite accuses it of using AI as an excuse to abandon employees
Barclays Bank announced it will cut 5,000 positions, about 5% of its total workforce, with roughly 60% coming from support departments including developers; management says the adjustment is related to organizational streamlining and the impact of AI. Barclays will invest about £600 million in this round of restructuring this year, roughly double its previous estimate. UK union Unite criticized Barclays for using AI as an excuse to abandon employees, saying it is in urgent negotiations with the bank; HSBC and Standard Chartered are also preparing layoffs.
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Oct 22
Rohan Paul
Barclays to cut about 5,000 jobs this year, citing AI efficiency gains as one reason
According to a WSJ report, Barclays will cut about 5,000 positions this year, roughly 5% of its workforce, citing efficiency gains from AI. About 1,000 of these positions were already cut in the first half, with the rest to be completed by year-end; about 60% of the layoffs fall in support functions, and CEO C.S. Venkatakrishnan said this includes fewer developers because AI makes employees more efficient. In the same period, Barclays' third-quarter pre-tax profit rose 12% to £2.3 billion; HSBC is reportedly considering cutting up to 20,000 positions over the coming years, and Standard Chartered plans to reduce corporate function roles by more than 15% by 2030. Venkatakrishnan said AI is just the icing on the cake rather than the cake itself, and its savings depend on infrastructure already built.
The Guardian Technology
Barclays to cut 5,000 jobs, management says AI boosts productivity
Barclays plans to cut about 5,000 full-time positions, roughly 5% of its 93,000 global employees, as part of a plan to save more than £1.1 billion by 2027; it has already cut 1,000 jobs this year. Chief Financial Officer Anna Cross said about 60% of the measures involve support functions, including reducing developers, because AI makes employees more efficient; CEO CS Venkatakrishnan called AI the icing on the cake of the bank's technology modernization, with efficiency gains coming mainly from technology investment and process simplification. The bank also reported pre-tax profit of £2.3 billion for July to September, up 12% year on year, and announced a £500 million share buyback.
CNBC Technology
Barclays plans to cut 5,000 jobs, advancing AI-driven efficiency gains
Barclays announced plans to cut 5,000 positions, about 5% of its workforce, as part of efficiency measures related to artificial intelligence. Roughly 60% of the layoffs are expected to fall in support functions, including developers; the earnings materials describe the results as organizational streamlining and AI-driven technical transformation efficiency. The bank's third-quarter pre-tax profit rose 12% year over year to £2.3 billion, while group revenue was £7.4 billion, below analysts' expectations of £7.61 billion.
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