Barclays Announces 5,000 Job Cuts Amid Cost Reduction and AI Integration

Barclays plans to eliminate 5,000 jobs this year, roughly 5% of its workforce, primarily in support functions, driven by a cost-cutting program and increased adoption of artificial intelligence. The bank had already cut 1,000 jobs in the first half of the year. This restructuring comes as Barclays reported a 12% rise in Q3 pre-tax profits to £2.3 billion, which still fell below analyst expectations.