William Shaw

(Bloomberg) -- Barclays Plc's bond traders suffered the biggest slump on Wall Street in the third quarter, taking the shine off a strong performance on the equities desk.

(Bloomberg) -- Barclays Plc said it's cutting 5,000 jobs, or about 5% of total headcount, as part of a "technology-enabled" effort to reduce costs as it adopts artificial intelligence across the bank.

Barclays Plc’s prime brokerage and equity derivatives businesses drove 90% of the firm’s growth in stocks trading, which blasted past analysts’ expectations on Thursday, the bank’s chief executive officer said.

Barclays Plc posted the steepest slump among Wall Street peers in third-quarter bond trading and announced plans to cut 5,000 jobs as Chief Executive Officer CS Venkatakrishnan seeks to cut costs across the bank and lean into artificial intelligence.

In total, companies will need to spend 53% less on complying with the regime, according to estimates in the consultation paper.

Barclays Plc will offer staff opportunities in other teams and prioritize internal moves over outside hiring, Chief Executive Officer CS Venkatakrishnan told employees after the bank announced plans to cut 5% of the workforce this year.

The house built by fixed income is facing an overhaul. Barclays Plc is showing it can do more for clients than trade bonds and arrange debt deals.

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Barclays Plc is looking to buy default protection on more than $10 billion of debt to finance artificial intelligence infrastructure in a bid to create capacity for more lending as hyperscaler funding needs soar.