Barclays to cut 5,000 jobs globally as it expands AI use

Summarised from 2 outlets · Updated 22 Oct, 17:02 · Archive

Barclays plans to cut around 5,000 staff by the end of 2026, about 5% of its global workforce of roughly 93,000. Some 1,000 of the roles were cut during the first half of 2026, with the remainder spread across the second half of the year. The majority of reductions relate to operational and functional roles across the bank.

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'. Around 60% of the actions relate to support functions, including fewer developers as artificial intelligence makes work processes more productive. The bank made roughly £200 million in structural cost actions in the third quarter and about £600 million during the year, with further savings of around £300 million planned for the final three months.

The Herald reports that Barclays declined to confirm whether its Glasgow campus, which employed over 6,000 people in May 2024, will be affected. Unite union general secretary Sharon Graham criticised the announcement, saying Barclays was using AI as an excuse to cut its workforce and that employers should instead focus on upgrading employees' skills. Will Howlett, financials analyst at Quilter Cheviot, said the question for investors is whether Barclays can achieve sustainably lower costs with a smaller workforce without compromising growth.

How it is being reported

• Barclays stays silent on Glasgow jobs as 5,000 roles face axeBarclays has declined to say whether workers at its flagship Glasgow campus will be affected by plans to cut around 5,000 jobs globallyThe Herald · 22 Oct, 15:55
• Barclays to cut 5,000 jobs this year as AI makes work more efficientBarclays has revealed it expects to have cut around 5,000 staff by the end of 2026 after turning to artificial intelligence (AI) to make the bank more efficientGlasgow Times · 22 Oct, 09:15

In this story: Barclays · CS Venkatakrishnan · Sharon Graham · Unite · Glasgow

This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem