Barclays plans job cuts as companies shift spending to AI

Barclays plans to cut 5,000 jobs, or about 5% of its workforce, as it pursues organisational simplification and technology efficiencies driven by AI. Approximately 60% of the cuts will affect support functions, including developers. The bank joins companies redirecting resources from staffing toward AI capabilities, infrastructure and specialist hires, although the relationship between automation and workforce reductions varies.

Kroger plans to lay off 3,000 corporate employees over the next three years as it expands its use of AI. Its strategy aims to improve customer experiences, simplify employees’ work and strengthen business performance. Meta plans to eliminate about 8,000 positions and leave about 6,000 jobs unfilled while increasing investment in infrastructure and AI experts. Its expenses could reach $169 billion in 2026.

Microsoft planned voluntary buyout offers for about 8,750 U.S. employees while continuing substantial investment in data centers supporting cloud services and AI. Standard Chartered plans to cut more than 15% of its back office employees by 2030 as it expands automation and analytics. Coinbase is cutting approximately 14% of its workforce, partly because AI is enabling smaller teams to complete work faster.

Pinterest is reallocating resources toward AI-focused roles and products as part of a restructuring. Snap is reducing staffing while prioritizing operational efficiency. Block is laying off more than 4,000 employees, with leadership explicitly citing AI tools as enabling a smaller team to accomplish more.