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Thu, 22 Oct 2026

Thu, 22 Oct 2026 Barclays cutting 5,000 jobs as it increases reliance on AI

The bank says it is using more AI leading to a 5% reduction in its workforce.

* Barclays is cutting around 5,000 staff as it introduces more artificial intelligence (AI) into its work processes.
* The bank said 1,000 posts had already been closed and expects a further reduction of 4,000 to be complete by the end of this year, amounting to around 5% of its global workforce.
* Most of the job cuts will fall within support functions, including among developers, with 60% expected to lose their jobs.
* The bank's cost reductions are focused on its UK retail bank, but some back office functions for the UK are done in India.
* Barclays' chief executive said AI is an "icing on the cake" and not a replacement for human workers, but analysts say the scale of job cuts will prompt concern over the impact of new technology.
* The company's cost-cutting programme is focused primarily on its UK retail banking arm, although the investment banking division is also affected.
* Barclays made £2.3bn profit in the three months to September, higher than the same period a year ago, but slightly less than forecast.
* The bank expects its efficiency measures to deliver a further £1.1bn of savings in 2027.
* Analysts say the job cuts illustrate "how significantly AI and automation could reshape the banking industry over the next few years".