BARCLAYS PLANS TO CUT ABOUT 5,000 JOBS BY END OF 2026

Barclays says it expects to cut about 5,000 jobs by the end of 2026 as it uses artificial intelligence to make some processes more efficient. The bank cut about 1,000 roles in the first half of the year and expects to remove roughly 4,000 more in the second half. Barclays says the reductions represent around 5% of its workforce. It employed about 93,000 people worldwide at the end of 2025.

Most of the cuts affect operational and functional roles, with the largest share in Barclays’ UK retail banking arm. Its investment bank will also lose some roles. Barclays says its technology investment has reduced its need for some jobs, including developers. Group chief executive CS Venkatakrishnan said the cuts were “a result of the investments which we’ve made into technology over a number of years and which we continue to make”.

The reductions come as Barclays nears the end of a three-year strategy to improve performance through cost cuts and technology investment. Barclays said it made about £200 million in structural cost reductions in the third quarter, contributing to about £600 million during the year. The bank says it plans roughly £300 million in further savings during the final three months of 2026. Barclays reported a pre-tax profit of £2.3 billion for the three months to the end of September, 12% above the same period a year earlier.