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

Barclays is cutting 5,000 jobs as part of a major restructuring effort, according to a report. The bank plans to reduce its workforce by 5%, citing increased use of artificial intelligence.

The move is part of Barclays' efforts to adapt to changing technology. The bank says it is relying more heavily on AI, which is leading to the job reductions.

This development was reported by BBC Business. No additional details have been provided on which areas of the bank will be affected or when the cuts will take effect.

What happens next at Barclays and how the job cuts will impact the company's operations has not been reported yet.