Barclays Plans 5,000 Job Cuts as AI Gains Efficiency

Barclays plans to cut 5,000 jobs, about 5% of its workforce, as it seeks to reduce costs and says AI is beginning to improve efficiency. In a separate assessment of European telecoms, the bank warned that AI agents could make it easier for consumers to find cheaper plans and that satellite broadband could intensify competition, putting operators’ revenue and cash flow under pressure. Barclays downgraded Vodafone, Proximus, Telefónica and OTE, while upgrading Telia and KPN, which it sees as less exposed to the changes; it also lowered price targets for Tele2, Telenor and Elisa. A separate report likewise described Barclays’ downgrade of Vodafone, though it focused mainly on stock ratings and company financial information.