Barclays is cutting 5,000 jobs in an AI push

• Barclays said it's cutting 5,000 jobs, or 5% of its workforce, in an AI push.
• The British bank made the announcement in its third-quarter earnings presentation.
• Wall Street at large is grappling with how AI will transform its workforce.

Barclays said it's cutting 5,000 jobs, or around 5% of its full-time workforce, as it increases its reliance on AI.

The British bank said in its third-quarter earnings statement that it is "structurally reducing" its costs through "technology-enabled" head count reductions.

Barclays laid out the numbers in its accompanying earnings presentation, linking the cuts specifically to "organisational simplification and technology change efficiency driven by AI."

This is a developing story. Check back for updates.