Barclays expects R24 billion in savings from AI and job cuts

The bank’s restructuring programme is expected to deliver more than £1.1 billion in gross efficiency savings in 2027, with around 60% of its restructuring actions relating to support functions.

Barclays CEO CS Venkatakrishnan says AI is the ‘icing on the cake’, not the cake, as the bank expands its use of artificial intelligence and other technological tools to reduce costs.

The company expects over R24 billion in savings in 2027, while McKinsey says AI job losses globally have fallen short of expectations.