Barclays is set to cut around 5,000 jobs, approximately 5% of its global workforce, as part of a modernisation plan that increasingly incorporates artificial intelligence (AI) into its operations. The majority of these reductions, particularly within the UK retail bank and support functions including developers, are expected to be completed by the end of 2026. Some job cuts will also affect back office roles based in India. Barclays' chief executive, CS Venkatakrishnan, described AI as an important but supplementary element of the bank's broader technology investment aimed at simplifying and improving its business.
This move reflects a wider trend in the banking sector, with other institutions like HSBC and Standard Chartered also announcing AI-related job reductions. Analysts suggest these cuts highlight how AI and automation could significantly reshape banking employment in the coming years. Barclays reported a £2.3bn profit for the third quarter of 2026, slightly below forecasts, and expects its efficiency measures to yield an additional £1.1bn in savings in 2027.
Read the full story: BBC UK News.
Source: BBC UK News. Aggregated summary, not independent reporting.