Key facts
- Barclays is cutting approximately 5,000 jobs by the end of 2026.
- The job cuts represent about 5% of the bank's global workforce.
- Most affected positions are in operational and support functions due to technology and AI automation.
- CEO C.S. Venkatakrishnan stated the cuts are a result of technology investments.
- Barclays reported a 12% rise in third-quarter pre-tax profits to £2.3 billion.
- The bank has accelerated its efficiency drive, achieving roughly £600 million in structural cost savings this year.
Barclays is cutting around 5,000 jobs by the end of 2026, representing approximately 5% of its global workforce, as it integrates artificial intelligence and other technologies to reduce costs. The bank employed about 93,000 people at the end of last year, with 1,000 roles already removed in the first half of 2026. Most of the affected positions are in operational and support functions, as greater use of technology and AI has allowed for automation.
Group chief executive C.S. Venkatakrishnan stated the job losses are a result of ongoing investments in technology, which are modernizing platforms and harmonizing systems to drive efficiency gains. He described AI as the "icing on the cake" after the necessary infrastructure build.
The bank reported robust third-quarter results with pre-tax profits of £2.3 billion, a 12% increase compared to the same period last year. Barclays has accelerated its efficiency drive, achieving about £600 million in structural cost savings this year, with a further £300 million planned for the final quarter.