Why a global bank is slashing thousands of jobs — and what the Fed says about AI replacing workers
Published . Updated .
Barclays on Thursday said it’s cutting 5,000 jobs, about 5% of its workforce, as the bank relies on artificial intelligence to perform back-office tasks.
Directly affected
- BCS Barclays
Named in this report.
Indirectly affected
- SPY SPDR S&P 500
The broad U.S. stock market
- TLT iShares 20+ Year Treasury Bond
Long-term U.S. government bonds
- QQQ Invesco QQQ
Large technology stocks
- GLD SPDR Gold Shares
Gold can move with the broad market
Price reaction, T-5 to T+3
Barclays on Thursday said it’s cutting 5,000 jobs, about 5% of its workforce, as the bank relies on artificial intelligence to perform back-office tasks.
Source: MarketWatch
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