British bank Barclays announced plans to cut 5,000 jobs, representing about 5% of its total workforce, as part of an artificial intelligence-led cost reduction initiative.
Approximately 60% of these layoffs will target support functions and developers, with cuts expected to be completed before the end of the year.
The restructuring coincides with third-quarter earnings showing a 12% rise in pre-tax profit to £2.3 billion, despite missing overall income forecasts due to a 19% drop in fixed-income trading revenue.