Barclays to cut about 4,000 more jobs by the end of the year as it leans on AI
The British bank expects to cut around 5,000 full-time roles in 2026, about 5% of its staff, with roughly 1,000 already gone.
Barclays expects to cut about 5,000 full-time jobs this year, around 5% of its workforce, as it simplifies its organisation and uses more artificial intelligence, the British bank said as it published its third-quarter results on Thursday. About 1,000 roles have already gone, leaving roughly 4,000 more to be cut by the end of the year.
Around 60% of the reductions are in support functions, "including fewer developers as AI makes our people more productive", finance director Anna Cross told analysts. The BBC reported that a significant share of the cuts is expected in India, where some back-office work for the UK is done. The bank said the cuts are subject to consultation.
Chief executive C.S. Venkatakrishnan said Barclays intends to use AI at scale, but added: "AI is the icing on the cake, not the cake." The bank spent £307 million on restructuring in the first nine months of the year and plans about £300 million more in the fourth quarter.
Barclays reported a third-quarter profit before tax of £2.3 billion, up 12% from a year earlier, on income of £7.4 billion, and announced a new share buyback of up to £500 million.