Barclays on Thursday said it was cutting around 5,000 jobs, or 5% of its workforce, this year, as it uses technology such as AI to reduce fixed costs and improve overall returns.
\n\nOne thousand of the cuts are already done and 4,000 more will come by the end of the fourth quarter, chief financial officer Anna Cross told reporters, as cited by Reuters.
\n\nThe banking group said 1,000 posts had already been closed and it expects a further reduction of 4,000 to be complete by the end of this year, amounting to around 5% of its global workforce.
\n\nThe bank's cost reductions are focused on its UK retail bank, but some back office functions for the UK are done in India, where a significant proportion of the job cuts are expected to fall.
\n\nBarclays said the changes were the result of an ongoing modernisation plan, with the use of AI being the "icing on the cake" of its strategy.
\n\nBarclays Group chief executive CS Venkatakrishnan said the job cuts were the result of significant investment it is making in technology to simplify and improve its business.
\n\nThe banking company is reaching the end of a three year cost-cutting programme focused…
Original source: https://www.timesnownews.com/business-economy
