Barclays to cut 5000 jobs in AI efficiency push

Barclays is cutting 5,000 staff as part of an efficiency drive linked to artificial intelligence, according to BBC News, CNBC, and RTE. BBC News and The Guardian reported that 1,000 roles have already been closed, while another 4,000 positions will be cut by the end of 2026. RTE noted that the bank had approximately 93,000 employees worldwide at the end of 2025. [1][2][4][5]

The total reductions represent about five percent of the bank's global workforce, BBC News, CNBC, and RTE reported. According to BBC News, most of the job cuts affect operational and functional roles. CNBC added that approximately 60 percent of the reductions will focus on support functions, including software developers. [1][2][4]

In its third quarter earnings statement, Barclays said it was structurally reducing its cost base to build capacity for investment, CNBC reported. BBC News reported that the lender is reaching the end of a three year cost cutting programme, which has focused mainly on its retail banking division in the United Kingdom, though its investment bank is also affected. [1][2]

The business traces its origins back to 1690, when goldsmith bankers John Freame and Thomas Gould set up a banking business on Lombard Street in London. Following the job announcement, shares in Barclays fell by almost one percent in morning trading in London, according to CNBC. [2][9]