Barclays Cuts 5,000 Jobs — Starting With Its AI Developers
Update, Oct. 22 (afternoon): The backlash lines are in. Unite general secretary Sharon Graham said Barclays workers "deserve better", accusing the bank of using AI "as an excuse to discard its loyal and long-suffering workforce" (Guardian). CFO Anna Cross told reporters the cuts will save more than £1.1bn in 2027 — the actual price tag behind the announcement — with 1,000 roles already gone and the rest by year-end. And the tax storm keeps building: the TUC is now openly urging Chancellor John Healey to raise bank taxes at next Wednesday's Budget, noting Britain's big four banks have made £200bn in profit since 2021. The precedent is widening too — months earlier, Standard Chartered said it would cut more than 7,000 jobs over four years, roughly 15% of back-office roles by 2030, also tied to AI. Barclays has found 5,000 people it can do without. The British bank announced on Thursday that it will cut roughly five per cent of its workforce before the end of...