Barclays Plans 5,000 Job Cuts as Technology Reshapes Banking

About 5,000 Barclays jobs are set to disappear by the end of 2026. Roughly 60% of the planned cuts will hit support teams, including software developers. The British bank says technology investment is making some work more efficient, with artificial intelligence now part of that effort. Around 1,000 roles have already gone; the rest are expected to go by year-end. ^1,2

Those 1,000 cuts are part of a three-year cost-saving plan that Barclays is now completing. The bank says it has spent years upgrading technology and simplifying its work, laying the groundwork for AI to handle tasks with fewer staff. Chief executive C.S. Venkatakrishnan called AI “the icing on the cake,” not the cake itself. The cuts mainly target support and operations jobs, especially in UK retail banking, with some also in the investment bank. ^1,4,6

The investment bank is facing pressure of its own. Barclays reported third-quarter profit of £2.3 billion, up 12% from a year earlier, but below analysts’ expectations in several reports. Equities income jumped 47%, while fixed-income trading income fell 19%, to about £1 billion. The cuts may help lower costs, but they raise a question for workers and investors. Can the bank turn technology spending and a smaller workforce into lasting savings without holding back growth? ^3,6,13

That test comes as Barclays presses ahead with its savings plan. The bank reported about £600 million in cost-cutting measures for the year so far and expects roughly £300 million more in the final quarter. Barclays also expects its wider efficiency plan to deliver £1.1 billion in savings by 2027. The remaining 4,000 job cuts are due by the end of December 2026. ^1,6