Barclays to cut 5,000 jobs in artificial intelligence efficiency drive

Summarised from 7 outlets · 9 reports · Updated 22 Oct, 09:51 · Archive

Barclays is cutting 5,000 staff, equivalent to 5% of its workforce, citing efficiency gains from artificial intelligence investment.

Barclays is cutting around 5,000 jobs by the end of 2026, equivalent to 5% of its global workforce, which totalled approximately 93,000 at the end of 2025. The banking group said 1,000 of these roles have already been eliminated during the first half of 2026, with the remaining 4,000 expected to be cut over the second half of the year.

The majority of the reductions involve operational and functional roles across the bank. The bulk of cuts will come from Barclays' UK retail banking arm, though its investment banking division will also be affected. According to CNBC's reporting, about 60% of the cuts are expected to be in support functions, including developer roles.

Barclays attributed the job cuts to investments in technology aimed at improving efficiency. Group chief executive CS Venkatakrishnan said the cuts were 'a result of the investments which we've made into technology over a number of years and which we continue to make'. He explained that the bank has been 'modernising our platforms and harmonising our systems and having simpler and better processes', describing this infrastructure work as 'driving the bulk of the efficiency gains'.

On artificial intelligence specifically, Venkatakrishnan said it 'has an important role to play and may have a more important role to play in the future', but characterised AI as the 'icing on the cake' rather than the primary driver of savings. He noted that where the infrastructure is modern, the bank has been applying AI to make workflows more efficient.

The job cuts form part of a three-year strategy by Barclays to boost performance through major cost-cutting and increased technology capabilities. In the third quarter alone, the company achieved £200 million in 'structural cost actions', part of approximately £600 million in savings made during the year. Barclays said it has a further roughly £300 million worth of savings planned for the final three months of the year.

Barclays announced the cuts as it reported strong financial results. The banking group posted pre-tax profit of £2.3 billion for the three months to the end of September, up 12% compared with the same period a year earlier. Group income was £7.4 billion, below analysts' expectations of £7.61 billion. Income from both its UK retail and corporate banks increased, along with gains from its wealth management arm and investment bank. Equity trading income soared 47% in the third quarter compared with the previous year, though fixed income trading income fell 19%.

How it is being reported

• Barclays to cut 5,000 jobs while handing work over to AI — Chief Executive says AI is 'icing on the cake'Barclays cutting 5,000 jobs as part of a plan to save £1.1 billion, and the majority of the work is going to AI.TechRadar · 22 Oct, 09:38
• Barclays to cut 5,000 jobs this year as AI makes work more efficientThe banking group said this is the equivalent of about 5% of all its employees, which totalled around 93,000 globally at the end of 2025.Evening Standard · 22 Oct, 09:32
• Barclays to slash 5,000 jobs in AI efficiency pushU.K. banks Barclays said Thursday it plans to cut 5,000 staff, citing efficiency savings from AI.CNBC · 22 Oct, 09:17
• Barclays to cut 5,000 jobs this year in push towards AIThe lender, which reported another profit surge last quarter, said there had already been 1,000 roles axed, with a further 4,000 planned by the end of the fourth quarter.This is Money · 22 Oct, 09:05
• Barclays to cut 5,000 jobs by end of year after AI driveThe banking group said cuts affect about five per cent of all its employeesIndependent Business · 22 Oct, 09:03
• Barclays cutting 5,000 jobs as it increases reliance on AIThe bank says it is using more AI leading to a 5% reduction in its workforce.BBC News · 22 Oct, 09:00
• Barclays to cut 5,000 jobs this year as AI makes work more efficientThe banking group said this is the equivalent of about 5% of all its employees, which totalled around 93,000 globally at the end of 2025.Evening Standard · 22 Oct, 08:51
• Barclays to axe 5,000 jobs in huge blow to City as AI replaces workersJob losses expected this year as the bank turns to AI to make it more efficientEvening Standard · 22 Oct, 08:46
• Barclays cutting 5,000 jobs in AI-led efficiency driveBarclays has revealed it is cutting 5,000 jobs - 5% of its workforce - as part of efforts to save costs and drive efficiency through investment in artificial intelligence (AI).Sky News Business · 22 Oct, 08:32

In this story: Barclays · CS Venkatakrishnan

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