Barclays to slash 5,000 jobs in AI-powered cost-cutting drive
Barclays said it is cutting around 5,000 jobs or 5% of its workforce this year, as it uses technology such as AI to slash fixed costs and improve returns. The job cuts were revealed as Barclays reported third-quarter profit of £2.3 billion ($3.08 billion), up 12% from a year ago but undershooting analysts’ forecasts as its fixed income trading business underperformed. “I am disappointed, and you can be sure this will get my attention,” CEO C.S. Venkatakrishnan said about the bank’s traditional strength in fixed income trading, blaming a volatile…
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