Barclays announced in its third-quarter earnings report that it will reduce its workforce by 5,000 positions, primarily in support functions, to improve efficiency linked to artificial intelligence.
The bank's pre-tax profit for the quarter increased by 12% year-on-year to £2.3 billion, aligning with analyst expectations, although group income of £7.4 billion fell short of the £7.61 billion forecast. The net interest income remained stable at £3.91 billion, while the CET1 capital ratio slightly decreased to 14.2%. Additionally, the return on tangible equity dropped to 11.7% from 16.1%.
Following the announcement, Barclays' shares fell nearly 1% in early trading, indicating investor concern over the job cuts despite the profit increase