Barclays to cut 5,000 jobs as it expands use of AI
publishers 34articles 55first reported 2 Oct, 16:15 UTCdeveloping since 2 Oct · 31 editions
Barclays plans to cut about 5,000 jobs, roughly 5% of its global workforce, by the end of 2026 as the British bank uses artificial intelligence and other technology to streamline operations.
About 1,000 positions were eliminated in the first half of the year, with a further 4,000 reductions expected in the second half. Around 60% of the cuts are in support functions, including developer roles, while many are linked to the bank’s UK retail operations. The BBC reported that a significant share is expected to affect India, where some UK back-office work is performed.
Chief executive C.S. Venkatakrishnan said the reductions resulted from years of technology investment. He described AI as the “icing on the cake” rather than the foundation of the strategy, saying infrastructure improvements were needed before the bank could deploy AI at scale.
The announcement accompanied third-quarter results showing pre-tax profit rose 12% from a year earlier to £2.3 billion. Profit after tax increased 13% to £1.65 billion, while group income rose 3% to £7.37 billion. Equities revenue climbed 47%, although overall investment-banking income fell short of forecasts. Barclays also announced a £500 million share buyback and said it expects its efficiency measures to produce another £1.1 billion in savings in 2027.
HOW THIS STORY WAS MADE
Written from 8 articles, 4 with the publisher's own text; 8 independent newsrooms once syndicated copies count as one; this version written 480 h after the record first saw the story; the editor kept it as written.
- Publishers
- 34
- Source articles
- 55
- Given to the writer
- 8, 4 with the article's own text
- Independent newsrooms
- 8
- This version written
- 480 h after the record first saw the story
- Second model (editor)
- kept as written
- Publication gate
- passed
- Human review
- none
WHAT THE EDITOR DID
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