Barclays plc announced on Thursday that it would cut 5% of its staff, meaning approximately 5,000 jobs, in the near future in an attempt to reduce costs.
In a presentation released to accompany its latest earnings report, the bank cited "organizational simplification and technology change efficiency driven by AI" as the reasons behind the decision. It also noted its aim to "structurally" lower costs to expand "capacity for investment."
Earlier in the day, Barclays posted a third-quarter total income of £7.4 billion and profit before tax of £2.3 billion, both of which failed expectations.
https://breakingthenews.net/Article/Barclays-to-cut-5000-jobs-amid-AI-deployment/67374422
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