Barclays is cutting 5,000 jobs in an AI push

Barclays is cutting around 5% of its workforce. KHemaz/GVN via Getty Images Barclays said it's cutting 5,000 jobs, or around 5% of its full-time workforce, as it increases its reliance on AI.The British bank said in its third-quarter earnings statement that it is "structurally reducing" its costs through "technology-enabled" head count reductions.Barclays laid out the numbers in its accompanying earnings presentation, linking the cuts specifically to "organisational simplification and technology change efficiency driven by AI." Around 60% of the cuts will impact support functions, including developers, according to the presentation.Wall Street overall is grappling with how AI will impact head count for both back- and front-office roles, as much of junior bankers' technical, repetitive workload can be easily automated. Goldman Sachs said in a memo last year that it plans to "restrain head count growth," and JPMorgan CEO Jamie Dimon has said he will likely hire fewer bankers and more "AI people."This is a developing story. Check back for updates. Read next Business Insider tells the innovative stories you want to know Business Insider tells the innovative stories you want to know Business Insider tells the innovative stories you want to know Business Insider tells the innovative stories you want to know Alice Tecotzky is a reporter on the Finance desk, based in New York City. She writes about JPMorgan and what it's like to work on Wall Street. Have a tip? Email her at atecotzky@insider.com, reach her on Signal at alicetecotzky.05, or follow her on X @atecotzky.Alice graduated from Columbia University in May 2024 with a degree in English. Before she joined Business Insider, she covered breaking news at the Daily Beast and education at the Atlanta Journal-Constitution. AI Layoff Barclays More