Barclays expects to cut around 5,000 jobs worldwide during 2026 as the banking group pursues cost reductions and expands its use of technology, including artificial intelligence, despite reporting higher quarterly profits.
The bank's chief financial officer, Anna Cross, told reporters on Thursday 22 October that around 1,000 positions had already been removed, with approximately 4,000 further reductions expected by the end of the year. The planned total represents roughly 5% of the group's global workforce.
Profits rise as workforce shrinks
Barclays reported third-quarter pre-tax profits of approximately £2.3 billion for July to September, up 12% from about £2.1 billion a year earlier. The bank also announced a £500 million share buyback.
The workforce reduction is part of a broader restructuring programme aimed at lowering fixed costs and improving returns. According to reporting of management's remarks, around 60% of the reductions relate to support functions, including technology and development roles.
Role of artificial intelligence
Barclays executives have linked productivity improvements to years of technology investment, including AI. However, the bank has not said that every one of the 5,000 job reductions is directly caused by AI. Chief executive C. S. Venkatakrishnan described AI as one element of a wider technological transformation.
The announcement raises wider questions about how the increasing use of automation may affect employment in financial services, even at businesses reporting growing profits.
How many UK jobs are affected?
The 5,000 figure covers Barclays' global workforce. A verified breakdown of the number of roles to be lost in the United Kingdom has not been provided in the reporting available at publication. It would therefore be misleading to describe all 5,000 as UK job losses.
The announcement is a corporate decision by Barclays, not a government policy announcement. No direct connection has been established between the cuts and any prospective changes to bank taxation.