Pakistan, Oct. 22 -- Barclays plans to eliminate 5,000 jobs worldwide by the end of 2026 as it expands artificial intelligence use and reduces costs. The British bank says the move will simplify operations and improve efficiency through greater reliance on AI. The decision comes despite a 13% increase in its third-quarter profit.

In a statement, Barclays explained that AI has improved productivity across parts of its business. The bank is also pursuing changes to make its internal processes simpler. These measures form part of a wider effort to control expenses and improve operational efficiency.

The bank has already eliminated 1,000 positions as part of the planned workforce reduction. It expects to remove another 4,000 jobs before the...