London (Web Desk): British bank Barclays has announced plans to eliminate 5,000 jobs worldwide by the end of 2026 as part of efforts to reduce costs and expand the use of artificial intelligence (AI).
According to the report, the decision comes at a time when the bank recorded a 13% increase in profits during the third quarter of the financial year.
In a statement, Barclays said the job cuts were intended to simplify its operations and improve efficiency and productivity through the use of artificial intelligence.
According to the statement, 60% of the positions being eliminated are in support functions, where the use of AI has increased employee productivity.
The bank said 1,000 jobs had already been eliminated, while a further 4,000 would be cut by the end of this year.
The move is expected to reduce the bank’s global workforce by a total of 5%.
It is worth noting that Barclays has been pursuing a three-year cost-cutting campaign, which will conclude with this round of job cuts.