Could artificial intelligence make human workers less valuable? Thousands of employees are facing an uncertain future as companies increasingly turn to technology to reduce costs, with banking giant Barclays planning to cut about 5,000 jobs by the end of 2026.
The British bank announced that it had already eliminated approximately 1,000 positions, with another 4,000 expected to go before the end of the year. The cuts represent about five per cent of its global workforce.
Barclays says the reductions are part of its efforts to modernise operations, improve efficiency and reduce spending. The bank has invested in technology, including artificial intelligence (AI), to help automate tasks previously handled by employees.
Most of the job cuts are expected to affect operational and support departments, although other parts of the business will also be affected.
The announcement has raised concerns about the future of employment as businesses increasingly adopt AI to perform tasks more quickly and at a lower cost.
While companies argue that AI can improve productivity, workers face questions about job security and the need to develop new skills to remain competitive.
Barclays’ decision highlights a growing debate over whether technological progress will create new opportunities or leave more workers struggling to find employment.
