London: Barclays plans to reduce its workforce by around 5,000 positions as the banking group continues to modernise its operations and expand the use of artificial intelligence (AI) in its business processes.
The bank stated that approximately 1,000 positions had already been eliminated, with a further 4,000 job cuts expected to be completed by the end of 2026. The reductions represent around 5 percent of its global workforce, with most affecting operational and functional roles.
Barclays described the changes as part of an ongoing modernisation strategy, noting that investment in AI complements broader efforts to simplify its operations and improve efficiency.
Today, we published our Q3 2026 #BarclaysResults
Read the full announcement: https://t.co/XLtXHTk7Vh https://t.co/ejeJTOOK7l
— Barclays Bank (@Barclays) October 22, 2026
The bank is approaching the end of a three-year cost-cutting programme that has primarily focused on its UK retail banking business. However, the measures have also affected its investment banking division. Around 60 percent of the planned job reductions will affect support functions, including developer roles, according to the bank.
Barclays Group Chief Executive CS Venkatakrishnan stated that significant technology investment was driving much of the efficiency improvement achieved so far. The Chief added that AI could play a growing role in future operations but stressed that businesses must first establish the necessary technological infrastructure to realise its benefits.
The announcement comes as economists closely examine corporate earnings for evidence that investments in AI and other technologies are improving productivity, reducing costs and changing employment requirements.
Barclays also reported a profit of £2.3 billion for the three months to September 2026. The figure was higher than the profit recorded during the same period last year, although it fell slightly short of market expectations.
The workforce reduction highlights how banks are combining long-term cost-control measures with technology investment as they seek to streamline operations and improve business performance. While AI is expected to contribute to future efficiency gains, Barclays indicated that wider technological improvements remain central to its modernisation strategy.
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