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Equating to the loss of 5% of its 93,000 global staff, job cuts come as bank announces jump in quarterly profitsBusiness live – latest updatesBarclays is cutting 5,000 jobs as part of wider cost-cutting plans that its bosses say are being driven by advances in AI.The job cuts will mean losing about 5% of the
Barclays to cut 5,000 jobs as bank’s bosses hail AI productivity advances Read More »
Power glitch stalls hearings and Revolut, Lloyds and HSBC customers unable to pay or move moneyBusiness live – latest updatesAn outage at Google’s cloud services in the UK has caused widespread disruption, hitting courts and leaving millions of customers unable to access and send cash at banks including Lloyds, HSBC and Revolut.Google has blamed a
Google cloud failure hits millions as UK courts and banks knocked offline Read More »
Citizens Advice says providers of services such as energy, banking, phone and internet should guarantee the ‘right to talk to a human’Stop relying on AI chatbots for customer care and guarantee the “right to talk to a human”, Citizens Advice has urged essential service providers, as research found they wasted time, caused stress and delayed
Stop relying on chatbots for customer care, UK service providers urged Read More »
M&T Bank has deployed AI copilots to more than 15,000 employees as the US regional bank applies AI to internal operations, customer service, software development, and risk management. The bank uses AI to analyse call-centre conversations, draft reports, generate code, identify customer needs, and flag portfolio risks, according to Fast Company. M&T is also examining
M&T Bank expands enterprise AI after years of technology overhaul Read More »
Finance sector will gain from the tech but it will need substantial investment and create risks, says rating agencyThe rating agency Moody’s has said the race to adopt AI is putting big banks at the mercy of a small group of Silicon Valley firms, leaving them vulnerable to widespread outages and price gouging by profit-hungry
AI push is putting banks at mercy of tech firms, warns Moody’s Read More »
Banks should factor in the time spent by humans checking invented facts, writes Dr Gleb TsipurskyYour report (Lloyds Bank to cut £2bn in costs as part of AI-powered strategy, 30 July) raises a question that financial targets alone cannot answer: who absorbs the work when automation fails?Banks often count the minutes saved by the employee
Lloyds Bank should publish the human cost of its AI savings | Letters Read More »
Lender was told money was being taken without authorisation, with cash used to buy credits for Claude chatbotA Metro Bank customer has told of his fight to get more than £14,000 back after its systems failed to stop a fraud involving the AI chatbot Claude.Zoli Rutter, a businessman from Sussex, had a total of £14,244 taken
Metro Bank customer fights for £14,000 refund after AI-linked fraud Read More »
Chief executive says the four-year plan will lead to greater efficiency but gives no details of potential job lossesBusiness live – latest updatesLloyds Banking Group will cut another £2bn of costs as part of a four-year plan under which its chief executive will use new tech and AI to drive growth.Charlie Nunn said the strategy,
Lloyds Bank to cut £2bn in costs as part of AI-powered strategy Read More »
Experts say there will still be opportunities ahead in everything from teaching to hotels and the lawEntering the world of work often brings some uncertainty, but now there is another question: how can I AI-proof my career?We asked people from across various industries what they think the impact of AI will be on careers, and
Safe from AI: which jobs will help you thrive in the future? Read More »
Direct oversight of ‘critical third parties’ such as Oracle and Microsoft given to ensure resilient cyber-defences and help safeguard UK economyThe Bank of England has been handed powers to regulate important tech firms including Amazon and Google from next week, amid fears that system failures could threaten financial stability and harm consumers.From Monday, the Bank
Bank of England handed powers to regulate key tech firms including Amazon and Google Read More »
