Barclays is cutting about 5,000 jobs as it expands the use of artificial intelligence in its operations.
The banking group said it had already eliminated 1,000 positions, with a further 4,000 job cuts expected to be completed by the end of 2026.
The reductions represent about five per cent of its global workforce, with most of the affected positions concentrated in operational and functional roles.
Barclays said the cuts formed part of an ongoing modernisation strategy, describing AI as the “icing on the cake” of its broader transformation efforts.
The bank is nearing the end of a three-year cost-cutting programme focused mainly on its UK retail banking business, although its investment banking division has also been affected.
Barclays reported a profit of £2.3bn for the three months to September, higher than the figure recorded in the same period last year but slightly below analysts’ forecasts.
Barclays Group Chief Executive, CS Venkatakrishnan, said the job cuts reflected the bank’s significant investment in technology to simplify and improve its operations.
“Banks have spent heavily on technology for years, but we are increasingly reaching the point where that investment translates into fewer people being required to run the business,” he said.
Barclays said its efficiency drive is expected to generate an additional £1.1bn in cost savings in 2027.
The company said about 60 per cent of the job cuts would affect support functions, including software development roles.
