Barclays is cutting about 5,000 jobs, around 5% of its global workforce, as it brings more artificial intelligence into how the bank works. The UK bank said 1,000 posts have already been closed and expects a further 4,000 reductions to be complete by the end of this year, according to the BBC. The news came with its third-quarter results on October 22.
What we know
- Size: about 5,000 jobs, roughly 5% of the global workforce. 1,000 are already gone; 4,000 more are expected by year end.
- Where: the cost cuts focus on Barclays UK, the retail bank. Some UK back-office work is done in India, where a large share of the cuts is expected to fall. The bank has not given a US figure in the coverage we reviewed.
- Which jobs: about 60% are in support functions, including developers.
- Savings: Barclays expects its efficiency measures to deliver a further £1.1 billion in 2027.
What Barclays said
CEO C.S. Venkatakrishnan said the cuts come from heavy investment in technology to simplify the business. “AI is the icing on the cake not the cake,” he said, adding that the infrastructure has to be built first. Not all of the cuts are due to AI.
The results announcement itself is less specific. It describes “technology-enabled FTE reductions” and reports structural cost actions of £201 million in the third quarter, up from £93 million a year earlier, with a further £300 million or so planned in the fourth quarter. Barclays expects group costs of about £18.5 billion in 2026 and £18.4 billion in 2027 (Barclays Q3 results announcement).
Profit for the quarter was £2.3 billion, higher than a year ago but slightly below forecasts, the BBC reports.
Union reaction
Sharon Graham, general secretary of the Unite union, which represents banking workers, accused Barclays of using AI as an excuse to discard its workforce and said employers should focus on upgrading skills instead.
Other banks are doing the same
HSBC, Standard Chartered and Danske Bank have also flagged AI-related job cuts this year, the BBC notes. Analysts quoted by the BBC expect more banks to say more when they report results in the coming weeks.
What it means if you work in banking
Support and technology roles, including developers, are where this round lands first. If you are told your job is at risk, read our guide on how to negotiate severance and check whether your employer must file a notice in the WARN notice tracker. For the wider picture, see how many job cuts are really caused by AI and every 2026 cut in the tech layoff tracker.
Sources
- BBC News: Barclays cutting 5,000 jobs as it increases reliance on AI
- Barclays PLC Q3 2026 results announcement (October 22, 2026)