Barclays plans to cut around 5,000 jobs this year as AI drives operational restructuring

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Barclays plans to cut around 5,000 jobs this year to expand the use of AI and technology, boost productivity and reduce costs, representing about 5% of its workforce. Around 60% of the cuts will affect support functions. Restructuring costs were 307 million pounds in the first nine months, with a further 300 million pounds in costs expected by year-end. The bank expects half of its software developers to be using Anthropic's Claude Code by the end of 2026.