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Barclays Plans 5,000 Job Cuts as AI Push Reshapes Operations

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Barclays Plans 5,000 Job Cuts as AI Push Reshapes Operations

Barclays plans to eliminate about 5,000 jobs this year as the British bank expands its use of artificial intelligence (AI) and technology to improve productivity and reduce costs, even as third-quarter profits rose.

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The reductions represent about 5% of the bank’s workforce, Barclays said Thursday (Oct. 22). About 60% will affect support functions, including software development roles, as the lender restructures operations and invests in technology. The bank had already eliminated 1,000 positions in the first half of the year.

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Chief Executive C.S. Venkatakrishnan described AI as one element of a broader transformation. “We will employ the AI at scale but AI is the icing on the cake not the cake,” he said, according to the Financial Times.

Barclays spent 307 million pounds (about $412 million) on its restructuring during the first nine months of 2026 and expects to incur another 300 million pounds (about $402 million) in costs by year-end. The effort combines workforce reductions with technology investment and changes to the bank’s operating model.

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