British banking giant Barclays plans to cut around 5,000 jobs by the end of 2026 as it increases its use of artificial intelligence (AI) and pursues a broader cost-cutting programme.
The planned reductions represent approximately five per cent of the bank’s global workforce of about 93,000 employees.
Barclays Chief Financial Officer Anna Cross said on Thursday, October 22, that about 1,000 positions had already been eliminated during the first half of the year, with a further 4,000 expected to be cut by the end of December.
Around 60 per cent of the planned reductions will affect support functions, including software developers, as the bank uses technology to improve productivity and streamline operations.
Chief Executive Officer C.S. Venkatakrishnan said the bank’s investments in technology were driving efficiency gains, with AI expected to play an increasingly important role in its operations.
However, he noted that artificial intelligence was part of a broader modernisation strategy rather than the sole driver of the job cuts.
The restructuring forms part of Barclays’ efforts to reduce costs and improve returns, with the bank targeting savings of more than £1.1 billion in 2027.
The announcement came as Barclays reported pre-tax profits of £2.3 billion for the third quarter of 2026, representing a 12 per cent increase from £2.1 billion recorded during the same period last year.
The bank has also been investing in modernising its technology infrastructure and simplifying internal processes to improve efficiency across its operations.
Barclays’ move comes amid growing adoption of AI across the banking sector, as financial institutions explore how automation can reduce operating costs and change the way work is carried out.
