Barclays to cut 5,000 jobs this year as AI drives efficiency push
Barclays said on Thursday it will cut around 5,000 jobs this year — about 5 per cent of its workforce — as AI and technology reduce fixed costs, disclosing the cuts in third-quarter results alongside a £500m share buyback.
Barclays will cut about 5,000 jobs this year — roughly 5 per cent of its workforce — as it uses technology such as artificial intelligence to reduce fixed costs and improve returns.
The bank disclosed the cuts in its third-quarter results on Thursday. Around 1,000 of the roles have already gone, and about 4,000 more will be cut by the end of the fourth quarter, chief financial officer Anna Cross told reporters, according to Reuters. The bank employed about 93,000 people globally at the end of 2025, Bloomberg reported.
The cuts come as the bank “structurally” reduces its cost base to “generate capacity for investment”, Barclays said, with efficiency gains driven by organisational simplification and AI. Bloomberg reported that the roles going are mainly in support functions, including developers.
The announcement landed alongside third-quarter pre-tax profit of £2.3bn, up 12 per cent year on year for the three months to the end of September — though that fell short of the £2.4bn expected by City analysts. Barclays also unveiled an additional £500m share buyback.
Its investment bank’s income from equities surged 47 per cent to £1bn on heavier client trading, offsetting a 19 per cent fall to £1bn in fixed income, currencies and commodities. Chief executive CS Venkatakrishnan said the investment bank “delivered strong equities performance, offsetting a challenging environment for FICC”.
The cuts are likely to heighten fears about AI’s effect on white-collar City roles, with the bank describing AI as central to its push to make support operations leaner.
Sources
- Reuters: https://www.reuters.com/business/world-at-work/barclays-cut-5000-jobs-this-year-2026-10-22/
- The Times: https://www.thetimes.com/business/companies-markets/article/barclays-profits-rise-to-23bn-ahead-of-expected-budget-bank-tax-pv3k5xmns
- Bloomberg (via The Hindu BusinessLine): https://www.thehindubusinessline.com/money-and-banking/barclays-plans-5000-job-cuts-as-bank-steps-up-ai-led-efficiency/article71610597.ece
- Sky News: Barclays cutting 5,000 jobs in AI-led efficiency drive (wire lead)
- London Evening Standard: Barclays to axe 5,000 jobs in huge blow to City as AI replaces workers (wire lead)
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