Barclays Layoffs: UK Bank To Cut 5,000 Jobs by Year-End As AI Boosts Efficiency
British banking giant Barclays plans to cut around 5,000 jobs by the end of 2026 as it steps up efforts to reduce costs and improve operational efficiency through technology, including artificial intelligence (AI). The planned reduction represents approximately 5% of its global workforce of around 93,000 employees at the end of 2025.
British banking giant Barclays plans to cut around 5,000 jobs by the end of 2026 as it steps up efforts to reduce costs and improve operational efficiency through technology, including artificial intelligence (AI). The planned reduction represents approximately 5% of its global workforce of around 93,000 employees at the end of 2025.
The bank eliminated about 1,000 positions in the first half of 2026, with another 4,000 job cuts expected by the end of the year. Most of the reductions are linked to operational and support functions as Barclays simplifies processes and expands the use of technology across its business.
Barclays Links Job Cuts to AI and Technology Investments
Barclays is seeking to simplify its organisational structure, streamline systems and create capacity for future investment. The bank has been modernising its technology infrastructure and improving internal processes as part of a broader efficiency drive. eBay Layoffs: E-Commerce Giant to Lay Off 9% of Workforce to Simplify Operations.
Chief Executive Officer C.S. Venkatakrishnan has highlighted the role of technology investments in improving efficiency. AI is expected to contribute to productivity gains, alongside modern infrastructure and simpler processes.
Around 60% of the planned job reductions are expected to affect support functions, including roles in technology and development. The move reflects the growing adoption of automation and AI tools across banking operations.
Barclays Reports Third-Quarter Financial Results
The job-cut plans come as Barclays reported its third-quarter financial results for 2026. The bank recorded pre-tax profit of approximately £2.3 billion for the July-September period, compared with £2.08 billion a year earlier. However, the figure fell short of analysts' expectations.
Net profit rose 13% year-on-year to £1.65 billion, while total income increased to £7.37 billion from £7.17 billion. Stronger performance in equities trading helped offset weaker income from fixed-income trading. UMG Layoffs: Universal Music Group Cuts Top Executives Across Def Jam, Republic and Interscope.
Barclays also reported structural cost reductions of around £600 million during the year to date. The bank plans to secure further savings in the final quarter as it works to improve returns and manage expenses.
How AI Is Reshaping Banking Jobs
Financial institutions are increasingly adopting AI and automation to streamline operations, improve productivity and reduce costs. Data processing, document handling and internal support functions are among the areas where banks are exploring technology-driven efficiencies.
However, the extent to which AI will replace existing jobs across the financial sector remains uncertain. Barclays' planned workforce reduction is part of a broader restructuring programme that also involves organisational changes and process improvements.
The bank's strategy focuses on simplifying operations, controlling costs and strengthening financial performance. The remaining job cuts are expected to be implemented by the end of 2026.
(The above story first appeared on LatestLY on Oct 22, 2026 05:08 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).
