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00:02Barclays announced plans Thursday to cut 5,000 jobs, or about 5% of its workforce,
00:08as part of an artificial intelligence-linked efficiency push, according to CNBC.
00:12The British lender said it was restructuring to reduce costs and create capacity for investment.
00:18About 60% of the cuts will affect support functions, including developers,
00:23as the bank pursues organizational simplification and AI-driven technology changes.
00:27The announcement came as Barclays reported a 12% increase in third-quarter pre-tax profit
00:34to $3.1 billion, matching analyst expectations.
00:37Revenue reached $7.4 billion, below forecasts of $7.61 billion.
00:42Net interest income remained largely unchanged at $391 billion.
00:47The bank's CET1 capital ratio slipped to 14.2%, while return on tangible equity fell to 11.7%.
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