Barclays cutting 5,000 jobs as it increases reliance on AI | BBC News

Barclays is cutting its staff by around 5,000 as it is increasing reliance on artificial intelligence (AI).

The banking group expects to close what amounts to 5% of its global workforce by the end of this year.

The bank's cost reductions are focused on its UK retail bank, but some back office functions for the UK are done in India, where a significant proportion of the job cuts are expected to fall.

Barclays said the changes were the result of an ongoing modernisation plan, with the use of AI being the "icing on the cake" of its strategy.

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