Major British company Barclays Bank has decided to remove around 5,000 workers from its global offices. This means 5 out of every 100 employees will lose their jobs. The bank wants to reduce daily expenses and do work faster using artificial intelligence (AI) computers.
Barclays shared this news while releasing its latest business income report. Top managers said that using modern technology will help them make bank operations simpler and faster. As per a BBC report, the bank has already removed 1,000 workers, and the remaining 4,000 jobs will go step by step by the end of this year.
Most people losing their jobs work in back office, support, and repetitive computer tasks. Tech experts say that big companies are now replacing daily manual work with smart software to save extra money. Barclays clarified that AI is not the only reason for job cuts, but it helps them work faster with fewer employees. Today, many top banks across the world are following this same path to cut costs and switch to digital technology.
