Microsoft AI boss says more bank jobs will go as Barclays axes 5,000 roles

AI will eliminate some jobs in Britain’s banking sector, a senior Microsoft executive has told City AM, as Barclays became the latest major lender to announce thousands of cuts linked to the technology. Bill Borden, Microsoft’s global head of financial services, told City AM that AI would replace much of the routine work traditionally carried out by junior bankers, changing the skills needed to enter the industry. Clearly there’s going to be an impact on human capital, for sure , he said at Microsoft’s London conference on Wednesday. There will be a layer of all kinds of remedial, kind of repetitive, manual-type things [that] are going to get eliminated . Barclays announced plans on Thursday to cut 5,000 jobs this year, equivalent to around five per cent of its workforce, as it expands its use of AI. Around 60 per cent of the cuts will fall in support functions, with developers also among those affected. Barclays chief executive CS Venkatakrishnan said the bank woul