Barclays Plans to Cut 5,000 Jobs as AI Reshapes Costs
Barclays expects to cut about 5,000 full-time jobs as part of cost-cutting plans linked to advances in artificial intelligence, according to The Guardian. The bank's chief financial officer, Anna Cross, said the actions involve an expected reduction of around 5,000 full-time employees. That figure is about 5% of Barclays' 93,000 staff worldwide.
The job cuts are not the first of the year. Barclays has already reduced its workforce by 1,000 since the start of 2026. The bank also cut around 5,000 jobs in 2023 as part of an earlier cost-cutting drive, Reuters reported at the time.
Barclays plans to save more than £1.1bn in 2027 through cost actions that include the job cuts. Around 60% of those actions relate to support functions, including fewer developers, as AI makes staff more productive.
The announcements came alongside the bank's results for the July to September quarter. Barclays reported pre-tax profits of £2.3bn, up 12% from £2.1bn a year earlier. Pre-tax profit is what a company earns before tax is deducted.
Barclays UK retail banking saw net interest income rise 6% to £2bn. Net interest income is the gap between what a bank earns on loans and what it pays out on savings and deposits.
The bank also announced a £500m share buyback, in which a company buys back its own shares from investors. Including buybacks and dividends, Barclays has distributed £2.8bn to shareholders since January.
Barclays is not the only lender planning large reductions. Standard Chartered has announced plans to cut more than 7,000 jobs over the next four years while expanding its use of AI. The bank expects to cut about 15% of its back-office roles by 2030.
