Barclays to cut 5,000 jobs this year
The bank said technology including AI is part of an effort to reduce fixed costs; its finance chief said 1,000 cuts were already completed.
TL;DR
- Barclays said it expects to cut around 5,000 jobs, or 5% of its workforce, during 2026 as it uses technology including AI to reduce fixed costs.
- Chief financial officer Anna Cross said 1,000 cuts had already taken place and a further 4,000 were expected by the end of the fourth quarter.
- The company described the move as part of its cost and returns program; the reports did not specify which roles or business units will account for the remaining cuts.
Barclays said it was cutting around 5,000 jobs this year, equivalent to 5% of its workforce, as it uses technology including AI to reduce fixed costs and improve returns. Reuters reported the announcement on October 22, and CNBC separately covered the planned cuts. [1] [2]
Chief financial officer Anna Cross told reporters that 1,000 reductions had already been completed. She said another 4,000 were expected by the end of the fourth quarter, according to Reuters. [1]
The reports frame the reductions as part of Barclays’ effort to lower fixed costs through technology investment, including AI. They do not say that every eliminated position is being replaced by an AI system or identify the specific teams affected. [1] [2]
The announcement gives a scale and timetable for the planned reductions but leaves the distribution across roles and business units unspecified. The cited coverage also does not quantify how much of the total is directly attributable to AI rather than broader technology and cost measures. [1] [2]
Why it matters
The announcement is a concrete workforce figure attached to a bank’s technology-led cost program, while the company’s wording does not isolate AI as the cause of every cut. That distinction matters for interpreting claims about how AI investment is translating into employment changes.
Editor's note
Added in the 19:00 KST same-date merge. The headline follows Reuters wording; the article distinguishes Barclays’ stated technology rationale from the unquantified role of AI in the total.