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Barclays bank announced plans to cut around 5,000 jobs, or 5% of its global workforce, by the end of 2026. The reductions are primarily due to increased use of AI for operational efficiency, with 60% affecting support functions and developers. The move results in significant economic harm to affected employees.[AI generated]
Why's our monitor labelling this an incident or hazard?
The article explicitly states that Barclays is using more AI, which has made some work processes more efficient, leading to a 5% reduction in its workforce. This is a direct use of AI causing harm in the form of job losses, which is a significant social and economic harm to individuals and communities. Therefore, this qualifies as an AI Incident under the definition of harm to communities or groups of people resulting from AI use.[AI generated]