London | Barclays is cutting 5000 jobs to reduce costs through the use of artificial intelligence, the latest large lender to slash its workforce as the new technology ripples throughout the banking industry.
The roles are equal to about 5 per cent of the London-based bank’s total headcount, with about 60 per cent of the reductions coming within support functions, including developers. The tally includes 1000 positions that the bank trimmed in the first half. It’s part of Barclays’ efforts to keep a lid on costs after it reported disappointingly high expenses earlier this year.
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