Barclays to cut 5,000 jobs as AI replaces roles

Barclays has announced plans to cut 5,000 jobs by the end of 2026 as the bank increasingly turns to artificial intelligence to improve efficiency and reduce costs.

The cuts represent around 5% of the bank’s global workforce, which stood at approximately 93,000 at the end of last year.

Around 1,000 jobs have already been lost, with a further 4,000 expected to go before the end of December. The majority of the cuts will affect operational and support roles, including software developers, as AI enables existing staff to carry out tasks more efficiently.

Barclays chief executive CS Venkatakrishnan said the reductions were the result of years of investment in technology and modernising the bank's systems.

He said: “AI has an important role to play and may have a more important role to play in the future.

“I've often said that it is the icing on the cake – it's not the cake – because you need to do the infrastructure build to get the benefits of AI.”

The announcement comes as Barclays reported pre-tax profits of £2.3 billion for the third quarter of 2026, an increase of 12% compared with the same period last year.

A Barclays spokesperson said the bank was committed to helping employees “develop and build rewarding careers”, while adapting to the changing needs of customers.

The cuts come amid growing concerns about the impact of AI on employment, particularly in sectors where technology is increasingly being used to automate tasks previously carried out by workers.