Barclays is cutting 5,000 jobs in an AI push

Barclays stated it's cutting 5,000 jobs, or about 5% of its full-time workforce, as it increases its reliance on AI.

The British financial institution stated in its third-quarter earnings declaration that it is "structurally reducing" its expenses through "technology-enabled" caput figure reductions.

Barclays laid out the numbers in its accompanying earnings presentation, linking the cuts specifically to "organisational reduction and innovation alter effectiveness driven by AI."

Around 60% of the cuts volition effect assistance functions, including developers, according to the presentation.

Wall Street general is grappling alongside how AI volition effect caput figure for the two back- and front-office roles, as much of younger bankers' technical, repetitive workload can be effortlessly automated.

Goldman Sachs stated in a memo final year that it plans to "restrain caput figure growth," and JPMorgan CEO Jamie Dimon has stated he volition apt hire small bankers and additional "AI people."

This is a evolving story. Check rear for updates.