Barclays Plans to Cut 5,000 Jobs, Doubling Down on AI Applications

Barclays CEO Venkat Krishnamurthy said on a conference call that the company would deploy AI at scale, stating that "AI is not the cake, but the icing on the cake." Barclays had previously announced a cost-cutting plan in February, but some investors reacted negatively to the cost base revealed in its half-year report. On the peer front, HSBC is considering cutting up to 20,000 jobs over the coming years, while Standard Chartered has targeted a reduction of more than 15% in support department roles by 2030.