Barclays cutting 5,000 jobs in AI-led efficiency drive

Barclays has announced the cutting of 5,000 jobs, which accounts for 5% of its total workforce. This decision is part of a broader strategy to reduce costs and increase operational efficiency by investing in artificial intelligence (AI). These job losses are expected to occur within this year as the bank turns to AI to replace workers, marking a significant blow to the City while the institution prioritises an AI-led efficiency drive to streamline its internal processes.