Barclays to cut 5,000 employees, counting on AI to boost efficiency

British bank Barclays has announced plans to cut 5,000 jobs, or about 5% of its staff. The decision is tied to its drive to improve operational efficiency through the adoption of artificial intelligence.

As CNBC reports, in its third-quarter earnings report published on Thursday, Barclays said it intends to reduce operating expenses in order to channel the freed-up funds into investments.

According to the presentation accompanying the financial report, about 60% of the cuts will affect support units, including development departments. The bank expects to simplify its organizational structure and increase the effectiveness of implementing technological solutions with the help of AI.