Barclays plans about 5,000 job cuts as AI and technology reshape support functions
Barclays said it expects to reduce its workforce by around 5,000 full-time roles during 2026, equal to roughly 5% of group headcount, as it simplifies the organization and uses technology and artificial intelligence to reduce fixed costs. About 1,000 roles had already been removed during the first half, leaving approximately 4,000 reductions expected by year-end. Chief financial officer Anna Cross said around 60% of the actions relate to support functions, a group that includes developers, making the announcement directly relevant to technology candidates rather than only branch or back-office employees. The plan was disclosed alongside third-quarter results showing £2.3 billion in profit, up 12% year over year, although fixed-income and currency trading revenue fell and missed expectations. Barclays also recorded another £201 million of structural cost actions in the quarter. The bank describes the program as organizational simplification and technology-led efficiency, not as a withdrawal from digital investment. The confirmed scale and compressed implementation schedule nevertheless create substantial near-term uncertainty across affected functions.
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