• Barclays said it's cutting 5,000 jobs, or 5% of its workforce, in an AI push.
• The British bank made the announcement in its third-quarter earnings presentation.
• Wall Street at large is grappling with how AI will transform its workforce.

Barclays said it's cutting 5,000 jobs, or around 5% of its full-time workforce, as it increases its reliance on AI.

The British bank said in its third-quarter earnings statement that it is "structurally reducing" its costs through "technology-enabled" head count reductions.

Barclays laid out the numbers in its accompanying earnings presentation, linking the cuts specifically to "organisational simplification and technology change efficiency driven by AI."

Around 60% of the cuts will impact support functions, including developers, according to the presentation.

Wall Street overall is grappling with how AI will impact head count for both back- and front-office roles, as much of junior bankers' technical, repetitive workload can be easily automated.

Goldman Sachs said in a memo last year that it plans to "restrain head count growth," and JPMorgan CEO Jamie Dimon has said he will likely hire fewer bankers and more "AI people."

This is a developing story. Check back for updates.

Equating to the loss of 5% of its 93,000 global staff, job cuts come as bank announces jump in quarterly profits

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Barclays is cutting 5,000 jobs as part of wider cost-cutting plans that its bosses say are being driven by advances in AI.

The job cuts will mean losing about 5% of the bank’s 93,000 global staff, with executives confirming they had already cut 1,000 workers since the start of the year.

Concerns financial contracts known as derivatives were incorrectly logged, potentially boosting Barclays’ profits

The Bank of England is reportedly looking into Barclays’ handling of loans linked to the embattled private credit sector.

The Bank’s regulatory arm, the Prudential Regulation Authority (PRA), started reviewing the matter this year after concerns were raised by a Barclays insider, according to the Financial Times.