Barclays plans to cut 5,000 jobs by end of 2026 as AI takes on more work

Barclays plans to cut 5,000 jobs by the end of 2026 as it restructures operations and moves more processes to artificial intelligence (AI). The company has already eliminated 1,000 positions, with a further 4,000 expected to go before year-end. The total represents 5% of its global workforce.

Most of the planned cuts are in operational and functional roles in Barclays’ UK retail banking arm, though investment banking will also be affected. The bank has cited technology investment and process simplification as drivers of efficiency gains, with AI helping automate workflows.

Chief Executive C.S. Venkatakrishnan told reporters that the bank’s “deep investments” in technology and simpler processes were driving most efficiency gains so far. AI has an important role, he said, and may become more important in future; he described it as “icing on the cake” of those investments.

The announcement came as Barclays reported a profit of £2.3 billion ($3 billion) for July to September, up 12% on the previous year. The bank’s plan is to save £1.1 billion ($1.4 billion) in 2027. Chief Financial Officer Anna Cross said the actions involve an expected reduction of around 5,000 full-time employees, and that around 60% of group actions relate to support functions. A Barclays spokesperson said the company is working to build the workforce and skills needed for its strategy while helping colleagues develop their careers.