Barclays is cutting about 5,000 jobs, roughly 5% of its global workforce, as it modernises its operations and makes greater use of artificial intelligence.
The bank announced the cuts on October 22, 2026, alongside its quarterly results. It said 1,000 posts have already been closed and a further 4,000 reductions are expected to be complete by the end of 2026. About 60% of the cuts will fall in support functions, including developers. The savings are focused on the UK retail bank, but many UK back-office roles are based in India, where a significant share of the cuts is expected. The investment bank is also affected. Chief executive CS Venkatakrishnan said not all of the cuts are due to AI, describing AI as “the icing on the cake, not the cake” of a three-year cost-cutting plan. Barclays expects its efficiency measures to save a further £1.1bn in 2027. It also reported £2.3bn of profit for the three months to September, up on a year earlier but slightly below forecasts. HSBC, Standard Chartered and Danske Bank have also flagged AI-related job cuts this year.
Source: BBC News, Barclays cutting 5,000 jobs as it increases reliance on AI (October 22, 2026)
Image: Barclays Bank branch, Rickmansworth, by David Haines, CC BY-SA 2.0, via Wikimedia Commons.