Barclays is latest to redirect spending toward AI as it trims its workforce

Barclays is the latest company to shift spending toward AI while trimming jobs, according to reports on a broader wave across the tech and financial sectors. The U.K. bank said in a quarterly filing it plans to cut 5,000 roles, about 5% of its workforce, citing “organisational simplification and technology change efficiency driven by AI.” Approximately 60% of the reductions will come from support functions, including developers. The article places Barclays alongside other firms that have tied layoffs or reduced hiring to AI investment, including Meta, Snap, Block, Coinbase, Pinterest, Standard Chartered, and Microsoft. It also highlights Kroger’s plan to lay off 3,000 corporate employees over three years as it ramps up AI use for customer experience and business outcomes, and Meta’s plan to cut about 8,000 jobs, or roughly 10%, while boosting spending on AI infrastructure and specialized hires.