These days, many companies are laying off their staff in the name of AI. A major British bank has also fallen victim to this layoff, with approximately 5,000 staff about to be laid off.

Barclays to lose 5,000 staff jobs

While AI (Artificial Intelligence) is making people's work easier, it's also costing them jobs. Following this situation in many IT companies, banks are now also facing dire straits. Recently, news emerged that the major British bank, Barclays, is laying off approximately 5,000 staff.

According to a Reuters report, Barclays plans to cut approximately 5% of its workforce this year. The bank aims to use artificial intelligence (AI) to reduce fixed costs and improve returns.

The bank has announced
this, according to Reuters. Of the approximately 5,000 job cuts, approximately 1,000 positions have already been eliminated, while the remaining cuts could be made by the end of 2026. These layoffs come at a time when Barclays reported a profit of 2.3 billion pounds (Rs 29,193.42 crore) in the third quarter.

While this profit is significantly better than last year's, many experts had expected it to be even higher. The bank's fixed-income trading business performed poorly, which impacted its investment bank results.

What did the bank say about the layoffs?
Barclays Bank CEO CS Venkatakrishnan has spoken about the layoffs. He said, "I am disappointed, and you can be sure this will receive my attention." He commented on the poor performance of fixed-income trading, which has traditionally been one of the bank's strengths.

Barclays Bank shares have also fallen following this news. Its shares have fallen 14 percent this year, after previously seeing steady growth for several years. Higher interest rates had also boosted the company's profits.