India, Oct. 22 -- British lender Barclays PLC (BCS,BARC.L) announced Thursday its plan to cut around 5,000 full-time employees as part of its cost efficiency savings plan, amid AI boom. The firm expects more than £1.1 billion of gross efficiency savings in fiscal 2027.
The announcement comes after the company reported higher results in its third quarter and maintained its fiscal 2026 and 2028 targets.
During the third-quarter earnings call, Anna Cross, Barclays Group Financial Director, revealed the company's plan to cut around 5 percent of total employees.
Cross said, "These actions involve an expected reduction of circa 5,000 full-time employees. Around 60 percent of the Group actions relate to support functions, including fewer d...