Barclays To Cut About 5,000 Jobs As Bank Expands Use Of AI

Barclays to Cut About 5,000 Jobs as Bank Expands Use of AI

British banking giant Barclays is set to cut about 5,000 jobs this year as it increases its use of artificial intelligence (AI) and continues efforts to improve efficiency across its operations. The planned reductions form part of the bank’s broader drive to streamline its workforce, reduce operating costs and make greater use of technology in delivering services. The development reflects a wider shift across the banking industry, where financial institutions are increasingly adopting automation and AI tools to handle routine tasks, improve productivity and support decision-making. While AI adoption is creating opportunities for banks to process information more quickly and enhance customer services, it has also raised concerns about the potential impact on employment, particularly in administrative and other roles that can be automated. The bank said approximately 60 per cent of the job reductions would affect support functions, including developer roles. A significant proportion of the cuts is also expected to affect back-office operations in India, where some services supporting Barclays’ UK business are carried out. Barclays Group Chief Executive C.S. Venkatakrishnan said the reductions reflected years of investment in technology aimed at simplifying the bank’s systems and improving productivity. He described AI as an additional driver of the bank’s efficiency strategy, rather than the sole reason for the job cuts, emphasising that modernising infrastructure and improving internal processes were also important. The announcement came as Barclays reported a pre-tax profit of £2.3 billion for the third quarter of 2026, representing a 12 per cent increase compared with the corresponding period a year earlier.