Barclays to Cut 5,000 Jobs by Year-End as Bank Expands AI Use

Barclays headquarters in London

British banking giant Barclays has announced plans to cut around 5,000 jobs by the end of 2026 as it expands the use of artificial intelligence across the business. The cuts represent roughly five per cent of its global workforce of about 93,000 employees. About 1,000 positions have already gone, with another 4,000 expected to follow before December.

The reductions hit the bank's UK retail operations hardest, with a significant share also falling on support services in India. Around 60 per cent of the cuts affect support functions, including software development. Chief executive C.S. Venkatakrishnan said "AI has an important role to play" after years of technology investment aimed at simplifying banking operations.

The announcement came alongside third-quarter results showing pre-tax profits of £2.3 billion, up 12 per cent year on year. Barclays said its efficiency programme is expected to deliver an additional £1.1 billion in savings during 2027. The bank has been expanding its use of Anthropic's Claude AI across operations, with half of its software developers expected to be using the tools by the end of 2026.

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