Barclays to cut 5,000 jobs as it turns to AI

Jobs Barclays is cutting

5,000 about 5% of its workforce

The UK bank said 1,000 posts are already closed and a further 4,000 are to go by the end of the year, about 5 per cent of its global workforce.

About 60 per cent of the cuts fall on support functions, including developers. The chief executive called AI "the icing on the cake not the cake."

"Using AI as an excuse to discard its loyal and long-suffering workforce."

— Sharon Graham, Unite general secretary

HSBC, Standard Chartered and Danske Bank have also flagged AI-related job cuts this year.