Barclays Cuts 5000 Jobs in AI Drive
Barclays announced it will eliminate 5000 jobs this year utilizing artificial intelligence to cut costs. The restructuring accompanied a third quarter profit rise that missed forecasts.
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BARCLAYS PLC will eliminate 5,000 jobs, representing 5% of its workforce, as part of an artificial intelligence-driven cost reduction plan. The restructuring coincides with a third-quarter profit of £2.3 billion ($3.08 billion), which rose 12% from a year earlier. The earnings missed analyst expectations due to a downturn in fixed income trading.
