Barclays to cut 5,000 jobs by end of 2026 using AI

Summarised from 2 outlets · Updated 22 Oct, 12:33 · Archive

Barclays plans to cut around 5,000 jobs by the end of 2026 as it adopts artificial intelligence.

Barclays expects to cut around 5,000 jobs by the end of 2026 as it adopts artificial intelligence to improve operational efficiency. These cuts represent roughly 5% of the bank's global workforce of 93,000 employees. Some 1,000 of the roles were cut during the first six months of 2026, with the remainder spread across the second half of the year.

Most of the job losses affect operational and functional positions across the organisation, including roles such as developers. Group chief executive CS Venkatakrishnan said the move was "a result of the investments which we've made into technology over a number of years and which we continue to make". Barclays is nearing the conclusion of a three-year strategy designed to increase performance through major cost-cutting and expanded technological capabilities.

During the third quarter, the company carried out approximately £200 million worth of "structural cost actions", taking total savings this year to around £600 million. A further £300 million worth of savings is planned for the final three months of the year. The announcement came alongside quarterly financial results showing pre-tax profit climbed 12% to £2.3 billion for the three months to the end of September.

How it is being reported

• Barclays to cut 5,000 jobs by end of 2026 as bank turns to AIBarclays expects to cut around 5,000 jobs by the end of 2026 as it adopts artificial intelligence to make operations more efficient.Oxfordshire Guardian · 22 Oct, 11:57
• Barclays to cut 5,000 jobs by end of 2026 as bank turns to AIBarclays expects to cut around 5,000 jobs by the end of 2026 as it adopts artificial intelligence to make operations more efficient.Oxford Mail · 22 Oct, 11:57

In this story: Barclays · CS Venkatakrishnan · UK

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