India, Oct. 22 -- Barclays is cutting around 5,000 jobs globally by the end of 2026 as it increases its reliance on artificial intelligence (AI).

According to a report by the BBC, the banking group said it has already cut around 1,000 positions, with a further 4,000 job cuts expected to be completed by the end of this year. The reductions amount to around 5% of its global workforce, with most of the affected roles falling within operational and support functions.

Barclays Group chief executive CS Venkatakrishnan said the job cuts were linked to the bank's investments in technology to simplify and improve its operations. He stressed that while AI would play an increasingly important role in the business, it was not the sole driver of the...