Barclays is latest to redirect spending toward AI as it trims its workforce
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Published: October 23, 2026 at 3:13p.m. EDTBNN Bloomberg is Canada’s definitive source for business news dedicated exclusively to helping Canadians invest and build their businesses. The cost of building out the infrastructure needed to satisfy booming demand for artificial intelligence is changing the way major companies allocate resources. That can mean an end to some jobs once done by humans. Yet in many cases it means repurposing money once spent on workers so that more capital can be devoted to boosting AI capabilities. Just how much money is being spent on AI is a hot topic as fears of a bubble in the sector grow, but the potential impact on workers in some sectors is clear. Here’s a look at some of the companies that have announced layoffs or hiring reductions this year that are tied in some way to massive spending on AI. BarclaysThe U. K. bank and financial services company revealed in a quarterly financial report this week that it is looking to cut 5,000 jobs, or about five per cent of its workforce.
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