Not to be confused with Rabo Banking.
From the BBC, October 22:
Barclays is cutting around 5,000 staff as it introduces more artificial intelligence (AI) into its work processes.
The banking group said 1,000 posts had already been closed and it expects a further reduction of 4,000 to be complete by the end of this year, amounting to around 5% of its global workforce.
The bank's cost reductions are focused on its UK retail bank, but some back office functions for the UK are done in India, where a significant proportion of the job cuts are expected to fall.
Barclays said the changes were the result of an ongoing modernisation plan, with the use of AI being the "icing on the cake" of its strategy.
Although not all of the cuts are due to AI, their scale will prompt further concern over the impact of the new technology.
Company spending on AI is increasing along with claims new tools can replace some of the basic tasks currently done by staff such as administrative and programming work.
HSBC, Standard Chartered and Danske Bank have also flagged AI-related job cuts this year....
....MUCH MORE
