Four Global Giants Announce Plans to Cut 12,000 Jobs Amid AI Shift
Four major global corporations, including Barclays, American Express, eBay, and Volvo, have announced plans to cut a total of 12,000 jobs due to shifting business pressures and automation.
In just three days, four major global corporations announced dramatic plans to cut a total of approximately 12,000 jobs. The companies—e-commerce giant eBay, British banking heavyweight Barclays, financial services leader American Express, and Swedish automaker Volvo—unveiled workforce reductions stemming from a mix of business pressures, structural shifts, and the integration of artificial intelligence.
The largest announcement came from Barclays, which revealed a plan to shed about 5,000 jobs, representing roughly 5% of its workforce, by the end of the year. According to reports, about 60% of these cuts will affect support roles, including software developers. The bank stated it is leveraging technology, including AI, to reduce costs and improve operational returns. This announcement accompanied third-quarter results showing a pre-tax profit of 2.3 billion pounds, an increase from the previous year but below analyst expectations.
Evolving Circumstances Across Sectors
American Express joined the trend by announcing a reduction of approximately 3,500 jobs, or 5% of its global workforce. This move stood out as it coincided with strong quarterly results: net income rose 28% to 3.71 billion dollars, while revenue increased 9% to 20.1 billion dollars. The company explained that the reorganization aims to enhance efficiency and organizational agility rather than respond to a business downturn.
Meanwhile, eBay announced plans to cut about 1,000 jobs, or 9% of its workforce. According to an internal memo from CEO Jamie Iannone, the move is designed to simplify the company's structure and redirect resources toward its fastest-growing segments. This decision follows an earlier reduction of about 800 positions in February, despite the company's stock rising nearly 40% since the beginning of the year.
Volvo presented a different picture. The automaker announced the elimination of about 2,500 jobs, primarily in Sweden, after reporting an operating loss. The company is grappling with uneven demand for electric vehicles, tariff pressures, and challenging market conditions in China. Together, these announcements highlight a broader transformation in how global enterprises define their workforce requirements in an era of automation and artificial intelligence.
