Barclays plans to cut jobs of 5,000 staff and rely on AI instead

It’s a valid worry because several companies have cut staff, as AI is a cheaper replacement for those roles. Barclays (BCS) just announced that it’s doing the same. On Oct. 22, the British bank said it will cut about 5,000 jobs by the end of this year. That’s roughly 5% of its global workforce of around 92,000 to 93,000 employees. Most affected staff are involved in back-office tasks that AI tools can now handle faster and more cheaply.