Barclays is to axe 5,000 jobs in an AI drive on the SAME day it reveals a 12% profit jump
Some 1,000 roles have already gone, with another 4,000 to be cut by the end of the year, about 5% of the workforce. Pre-tax profit hit £2.3bn for July to September. Chief executive CS Venkatakrishnan is handing investors a fresh £500m share buyback, taking shareholder payouts since January to £2.8bn. The cull will hit the City hard.
The bank also made £200m of cost savings last quarter, with £300m more planned.
Chancellor John Healey is expected to raise bank taxes in the 28 October budget.
Equities trading income soared 47% on market volatility from the US-Iran war.
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The IndependentBarclays announces major job cuts despite sharp rise in profitsDaily MailBarclays to cut 5,000 jobs in shift to AIBBC News - BusinessBarclays cutting 5,000 jobs as it increases reliance on AIThe TelegraphBarclays to slash 5,000 jobs in AI cullLBCBarclays to cut 5,000 jobs by the end of 2026 in major AI cullLBCBarclays to cut 5,000 jobs this year as AI makes work more efficientThe IndependentBarclays to cut 5,000 jobs by end of year after AI driveThe GuardianBarclays profits up 12% as UK banks brace for tax increase in budgetLBCBarclays reveals profit growth of 12% after £200 million cost savingsEvening StandardBarclays to axe 5,000 jobs in blow to City as AI replaces workersReutersBarclays to cut 5,000 jobs this yearReutersBarclays Q3 profit rises 12%, announces £500 million buyback
