Barclay to cut 5,000 jobs in A.I.-driven push to lower costs…

British bank Barclays announced Thursday that it will cut approximately 5,000 jobs—representing roughly 5 percent of its global workforce—as it increasingly relies on artificial intelligence and technology to streamline operations and cut costs, according to a report by the New York Times.

​The layoffs primarily target support and operational functions, including software developers, and form part of an organizational simplification strategy expected to deliver more than 1.1 billion pounds in savings next year. Approximately 1,000 of these positions have already been eliminated.

​Chief Executive C.S. Venkatakrishnan emphasized that while the lender plans to adopt automation widely, underlying technological infrastructure builds form the core foundation. “A.I. has an important role to play and may have a more important role to play in the future,” Venkatakrishnan told reporters, describing A.I. as “the icing on the cake, not the cake.”

​Barclays follows other major financial institutions like Standard Chartered in connecting workforce restructuring to technological efficiency. Economists note that Britain’s large finance sector faces unique exposure to automation, reflecting broader global trends where companies look to artificial intelligence to boost productivity and profits.