Barclays Stock News

The cost of building out the infrastructure needed to satisfy booming demand for artificial intelligence is changing the way major companies allocate resources. That can mean an end to some jobs once done by humans.

Barclays PLC (LSE:BARC), the UK banking group, retains support from UBS and RBC Capital Markets after its third-quarter results fell short of market expectations, with both banks maintaining positive recommendations. UBS reaffirmed its 'buy' rating and trimmed its price target to 588p from 590p, while RBC Capital Markets reiterated 'outperform' and held its target at 525p, against a reference s...

The layoffs just keep coming: Barclays announced it is slashing 5,000 jobs, or about 5% of its workforce. It's attributing the cuts to artificial intelligence, which the bank says has made its operations more efficient.

Barclays plans to eliminate about 5,000 jobs this year as the British bank expands its use of artificial intelligence (AI) and technology to improve productivity and reduce costs, even as third-quarter profits rose. The reductions represent about 5% of the bank's workforce, Barclays said Thursday (Oct. 22).

Barclays says it is cutting 5,000 jobs, or about 5% of its workforce, as the bank incorporates AI more deeply into its business.

Barclays PLC (LSE:BARC) retained a 'buy' rating from UBS with a 590p price target despite weaker fixed-income trading contributing to a softer-than-expected third-quarter performance. The Group delivered a 12% increase in third-quarter pre-tax profit to £2.32 billion, but the result came in 4% below consensus.

Barclays plans to eliminate about 5,000 jobs this year as the UK bank expands its use of artificial intelligence and pursues a broader cost-cutting programme. The reductions will affect approximately 5% of its global workforce of 93,000 employees, the bank said on Thursday.