Barclays will cut 5,000 jobs this year as it pushes to replace staff with artificial intelligence. The bank says 1,000 roles have already been axed, with another 4,000 planned by the end of the fourth quarter, equal to 5% of its workforce. Third-quarter pre-tax profit rose 12% to £2.3 billion, but the results were overshadowed by a planned windfall tax on banks in the upcoming Budget. The surcharge on the biggest banks, currently 3%, is expected to rise to 8%, bringing in an extra £2 billion a year; industry figures warn it could hit investment and push up mortgage rates. Barclays also announced a new £500 million share buyback.
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Original headline: Barclays to cut 5 , 000 jobs this year in push towards AI
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