Barclays Bank

Barclays will cut around 5,000 jobs following increased adoption of artificial intelligence; 1,000 positions have already been eliminated and the remainder is to be cut by the end of 2026 (about 5% of the workforce). In the third quarter, profit attributable to shareholders rose 13% to £1.65 billion, and total income increased 3% to just under £7.4 billion, though parts of the figures fell short of analysts’ expectations. Investment banking revenues lagged expectations, while Barclays reduced provisions for loan losses. CEO C. S. Venkatakrishnan said the bank is on track for 2026–2028 and announced a £0.5 billion share buyback. » Mere på manager-magazin.de

The British major bank Barclays plans to cut around 5,000 roles by the end of the year, about five percent of its 93,000 employees, and will replace many positions with AI solutions. About 60 percent of the reductions affect support functions, such as software development; the impact is mainly in retail banking and partly in investment banking. The aim is structural cost savings of around £300 million to create room for further technology investments. » Mere på n-tv.de

The Prudential Regulation Authority is reviewing Barclays after concerns an internal whistleblower flagged that derivatives tied to private credit loans were recorded in the wrong portfolio, understating their risk. Misclassification could have reduced capital held against potential losses and inflated profits, while Barclays reportedly has billions of dollars of exposure through these derivatives. Barclays said it takes regulatory obligations seriously and declined to comment on interactions with regulators; its shares fell 3.5% ahead of upcoming results. » Mere på theguardian.com