Barclays to Cut 5,000 Jobs as AI Efficiency Drive Reshapes Banking Operations
21 Sources
[1]
Barclays to slash 5,000 jobs in AI efficiency push
Follow your favorite stocksCREATE FREE ACCOUNT British lender Barclays has revealed plans to cut 5,000 jobs -- about 5% of its total workforce -- as part of an artificial intelligence-linked efficiency push. In its third-quarter earnings statement Thursday, Barclays said it was "structurally
[2]
Barclays to Cut 5,000 Jobs in A.I.-Driven Push to Lower Costs
The move is the latest illustration of a company saying it believes it can be more efficient with fewer workers because of artificial intelligence. Barclays said Thursday that it would cut about 5,000 jobs as the British bank and its competitors rely more heavily on artificial intelligence to
[3]
Barclays cutting 5,000 jobs as it increases reliance on AI
Barclays is cutting around 5,000 staff this year as it introduces more artificial intelligence (AI) into its processes. The banking group said 1,000 posts had already been closed and it expects a further reduction of 4,000 to be complete by the end of 2026. The cuts amount to 5% of its global
[4]
Barclays to cut 5,000 jobs this year as AI makes the bank more efficient
Most of the cuts hit support and operational roles, the lender said as quarterly profit rose to £2.3B. Barclays expects to have cut around 5,000 jobs by the end of 2026, roughly 5% of its staff. The bank said artificial intelligence and other technology now let it do the same work with fewer
[5]
Barclays to cut 5,000 jobs while handing work over to AI -- Chief Executive says AI is 'icing on the cake'
* Barclays is cutting 5% of its global headcount thanks to AI efficiency increases * The company has been making "deep investments" in new technology, and AI is the "icing on the cake" * 1,000 positions have already been removed, with the rest expected by the end of the year Barclays has
[6]
Barclays is cutting 5,000 jobs in AI push, Q3 2026 earnings show
About 60% of the cuts are in support functions such as developers, and Barclays plans to spend about £600 million this year on the overhaul Barclays is cutting 5,000 jobs, equal to roughly one in 20 of its staff, in a cost-lowering drive linked to AI, the London-based bank said Thursday as it
[7]
Barclays to cut 5,000 jobs as it turns to AI to improve efficiency
British bank Barclays said on Thursday it would cut around 5,000 jobs, or roughly 5% of its global workforce, by the end of 2026 as it turns to AI and other technology to streamline operations and improve efficiency. Barclays' share price was slightly down in London after the bank announced
[8]
Barclays bank to cut about 5,000 jobs amid AI drive
London (AFP) - British bank Barclays announced Thursday plans to cut around 5,000 jobs, or roughly five percent of its global workforce, by the end of 2026 in an AI efficiency drive. The announcement came alongside an earnings update that showed Barclays' net profit grew 13 percent in the third
[9]
Barclays becomes the latest company to trim its workforce for AI efficiency
The cost of building out the infrastructure needed to satisfy booming demand for artificial intelligence is changing the way major companies allocate resources. That can mean an end to some jobs once done by humans. Yet in many cases it means repurposing money once spent on workers so that more
[10]
How 'Barclays-omics' adds up - profits up 12% to £2.3 billion, workforce down five percent to cut costs. AI is the icing on the cake, it seems...
Barclays has revealed it is cutting five percent of its workforce - 5,000 people - and crediting AI for it, even as it turns in a quarterly profit of £2.3 billion, up 12%. It's all part of efforts to save costs and drive efficiency, it seems, although costs already seem pretty tightly-managed.
[11]
Barclays to cut 5,000 jobs as it seeks to reduce costs with AI
Roughly 60pc of the reductions will come from within support functions, impacting developers and other professionals. Bank and financial services company Barclays has announced it expects to cut 5,000 jobs, representing around 5pc of the bank's total headcount. The layoffs are part of Barclay's
[12]
Barclays layoffs today: Bank slashes 5% of workforce, attributing 5,000 job cuts to AI
Barclays is the latest bank to announce layoffs in the name of AI efficiency, following Citigroup, HSBC, and Standard Chartered. The layoffs just keep coming: Barclays announced it is slashing 5,000 jobs, or about 5% of its workforce. It's attributing the cuts to artificial intelligence, which the
[13]
Barclays to cut 5,000 jobs amid AI expansion
This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. The cuts amount to around 5% of the bank's 93,000 global workforce. Arouind 1,000 job cuts have already been made with the remaining 4,000 to be spread over the
[14]
Barclays Plans 5,000 Job Cuts as AI Push Reshapes Operations | PYMNTS.com
The reductions represent about 5% of the bank's workforce, Barclays said Thursday (Oct. 22). About 60% will affect support functions, including software development roles, as the lender restructures operations and invests in technology. The bank had already eliminated 1,000 positions in the first
[15]
Barclays plans to cut jobs of 5,000 staff and rely on AI instead
Recently, many people have been worried about losing their jobs to AI. It's a valid worry because several companies have cut staff, as AI is a cheaper replacement for those roles. Barclays (BCS) just announced that it's doing the same. On Oct. 22, the British bank said it will cut about 5,000 jobs
[16]
Barclays Plans 5,000 Job Cuts as AI Reshapes Banking Operations
Barclays plans to cut around 5,000 jobs by the end of 2026 as it uses AI and other tools to speed up work and lower costs. The move will mainly affect support and office roles. Barclays announced its plan to cut around 5,000 jobs by the end of 2026. The reason stated was the company's plans to
[17]
Barclays to axe 5,000 jobs on AI-driven efficiencies; shares dip By Investing.com
Investing.com -- Barclays said Thursday it plans to cut about 5,000 jobs as it works to lower costs, saying artificial intelligence is beginning to deliver efficiencies. The cuts would affect roughly 5% of its workforce. [We are] structurally reducing the cost base through expected
[18]
AI job threat: Barclays to slash 5,000 jobs in AI-powered cost-cut drive
STORY: :: Barclays makes a big AI move :: October 23, 2026 / London, England :: Lawrence White, UK Banking Correspondent "Barclays has announced that they're cutting 5,000 jobs, around 5% of the workforce, so really significant cuts as part of a previously announced cost-cutting plan, but we're
[19]
After mixed results, Barclays to cut 5,000 jobs to reduce costs through AI
British bank Barclays plans to eliminate around 5,000 positions this year, or 5% of its workforce, as part of a transformation driven by artificial intelligence and automation. The restructuring comes as its quarterly results, despite improving year over year, were hurt by difficulties in its
[20]
Barclays to Cut 5,000 Jobs in AI Cost-Saving Drive -- Update
Barclays said it is cutting 5,000 jobs to reduce costs as it adopts artificial intelligence at scale across the bank. The cuts are equal to around 5% of the company's workforce, the bank said Thursday. Barclays said it is focused on simplifying its organization, with technological efficiencies
[21]
Barclays to cut 5,000 jobs as AI makes work more efficient
(Alliance News) - Barclays PLC 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 efficient. The banking group said this is the equivalent of about 5% of all its employees, which totalled around 93,000
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British banking giant Barclays announced plans to eliminate 5,000 positions—5% of its global workforce—by end-2026 as part of an AI-driven efficiency push. The cuts target support functions and operational roles, with 1,000 already completed. Chief executive CS Venkatakrishnan calls AI the 'icing on the cake' of broader technology investments.
Barclays Announces Major Workforce Reduction
British banking giant Barclays has announced plans to cut 5,000 jobs by the end of 2026, representing approximately 5% of its global workforce, as part of an AI-driven efficiency push aimed at structurally reducing costs
1
. The announcement came during the bank's third-quarter earnings statement Thursday, where the lender reported it was "structurally reducing the cost base to generate capacity for investment"1
. Of the total planned reductions, 1,000 positions have already been eliminated, with the remaining 4,000 cuts expected to be completed before the end of December3
. Barclays had approximately 93,000 employees worldwide at the end of 20254
.
Source: PYMNTS
AI and Technology Drive Organizational Simplification
The workforce reduction stems from what Barclays describes as "organizational simplification and technology change efficiency driven by AI"
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. Chief Financial Officer Anna Cross revealed that approximately 60% of the cuts relate to support functions, including software developers4
. Most cuts will affect operational and functional roles, with the bulk coming from the UK retail banking arm, though the investment banking division will also see reductions3
. The AI-driven cost-cutting initiative forms part of a broader plan to save the company £1.1 billion ($1.4 billion) in 20275
. Barclays booked approximately £200 million of structural cost actions in the third quarter, part of roughly £600 million for the year—about double its earlier plan4
.Chief Executive Downplays AI's Current Role
Despite the automation and AI-driven efficiency narrative, Chief Executive CS Venkatakrishnan downplayed the technology's current impact, telling reporters that the company had been making "deep investments" in technology and process simplification that are "driving the bulk of the efficiency gains"
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. He characterized AI as the "icing on the cake, it's not the cake"4
, suggesting that years of technology spending have laid the groundwork for these productivity gains. Venkatakrishnan added that "AI has an important role to play and may have a more important role to play in the future"5
. Cross emphasized that "AI makes our people more productive"5
, highlighting the bank's belief that technology enables the same work with fewer employees.
Source: diginomica
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Broader Implications for Financial Institutions
The Barclays job cuts add to mounting evidence that financial institutions across Europe are pursuing aggressive restructuring through AI and technology adoption. The banking sector has seen similar moves, with Standard Chartered announcing the elimination of more than 7,000 jobs in May, setting off widespread debate about AI's impact on employment
2
. Insurer Allianz has also stated it will cut up to 1,800 call-centre jobs as AI takes on customer service work4
. These developments fuel growing anxiety that the technology could lead to significant job losses in banking, law, and similar professional fields2
. Britain, with its substantial finance industry, is viewed as particularly exposed to disruption by artificial intelligence2
.Financial Performance and Future Outlook
Barclays reported pre-tax profit of £2.3 billion for the three months ending September, marking a 12% increase from the previous year
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. However, the result missed analysts' forecasts after fixed income trading income fell 19% to £1 billion4
. Venkatakrishnan expressed disappointment with the trading result, stating "I am disappointed, and you can be sure this will get my attention"4
. Barclays shares fell 2.5% in early trading in London following the announcement4
. The bank is in the final months of a three-year plan built on cost cuts and technology spending4
. The announcement comes less than a week before Chancellor John Healey's first Budget on October 28, where banks could face higher taxes, though Venkatakrishnan said any new bank tax effect on Barclays would be "bearable" because much of its income is earned outside the UK4
. A Barclays spokesperson emphasized the company is "positioning Barclays for the future, building the workforce and skills needed to deliver our strategy and meet the evolving needs of our customers and clients"5
.
Source: The Next Web
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