Barclays cuts dozens of jobs in AI and offshoring drive
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Barclays plans to cut up to 50 jobs in London as part of a cost-cutting initiative, moving roles to India and utilizing AI tools. The bank aims to reduce total costs by £2bn, with the new copywriting team in India expected to be larger but at lower staffing costs. This move follows previous job cuts and is part of a broader strategy to enhance efficiency amid concerns about AI's impact on employment. Barclays has also announced plans to return £10bn to shareholders, with its share price rising significantly due to strong financial results.
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