Barclays to Cut 5,000 Jobs as AI Reshapes Banking Work
Barclays is cutting about 5,000 jobs, around 5% of its staff, with 4,000 to go by the end of 2026. Most cuts hit support and developer roles as AI use grows.
UKIn brief
- Barclays is cutting about 5,000 jobs, roughly 5% of its global workforce.
- About 1,000 roles have already gone and 4,000 more are due to go by the end of 2026.
- Around 60% of the cuts are in support functions, including software developers.
- The bank reported a 12% rise in third-quarter pre-tax profit to about £2.3 billion.
| Country | UK |
|---|---|
| Organization | Barclays |
| Official source | Fast Company – Barclays job cuts linked to AI, 22 October 2026 ✓ fastcompany.com |
Barclays is cutting around 5,000 jobs, about 5% of its global workforce, as artificial intelligence lets fewer staff handle more work. The plan came out alongside the bank's third-quarter results on 22 October 2026.
Roughly 1,000 roles have already been removed. The remaining 4,000 are due to go before the end of 2026.
Which jobs are going
Reports based on Reuters and the BBC give this picture:
| Detail | What we know |
|---|---|
| Total cuts | About 5,000 |
| Share of workforce | Around 5% |
| Already removed | About 1,000 |
| Still to go | About 4,000 by end-2026 |
| Main area hit | Support functions (about 60% of cuts) |
| Roles named | Software developers and support staff |
| Business named | UK retail banking operations, many staffed in India |
Barclays says AI tools now allow remaining employees to get through more work. The bank has not published a full breakdown of the cuts by country or business.
Profits are up
The cuts are not a sign that Barclays is in trouble. Pre-tax profit for July to September rose 12% to about £2.3 billion, slightly below what analysts had expected. It also announced a £500 million share buyback and expects further cost savings in 2027.
Chief executive C.S. Venkatakrishnan described AI as the "icing on the cake". He said the savings also come from years of upgrading systems and simplifying how the bank works, and that groundwork is needed before AI pays off.
Union reaction and retraining
The Unite union's general secretary, Sharon Graham, accused Barclays of using AI as cover for shrinking its workforce. The bank, for its part, says it is spending £150 million on staff skills by 2030 and that 40,000 employees have already taken its AI training.
Part of a wider banking trend
Barclays is not alone. Citigroup is removing up to 20,000 roles, and Standard Chartered plans to cut 7,000 corporate function jobs by 2030. In Australia, NAB is cutting 2,500 roles in a similar back-office overhaul. Meanwhile the UK jobs market is already soft, with vacancies falling to 691,000.
What it means for job seekers
- Back-office banking jobs are shrinking. Operations, processing and routine coding roles are most exposed.
- AI skills help you stay. Staff who can use and manage AI tools are the ones banks say they want to keep.
- If you are affected, check your redundancy terms, use any outplacement support and ask about internal moves before your notice ends.
- Consider retraining towards compliance, data or customer advisory work, areas that still rely heavily on people.
Frequently asked questions
How many jobs is Barclays cutting?
About 5,000, or around 5% of its workforce. Roughly 1,000 have gone already and 4,000 more are planned by the end of 2026.
Which Barclays jobs are affected?
Mostly support functions, which account for around 60% of the cuts, including software developer roles. Reports say UK retail banking operations, many staffed from India, are heavily affected.
Is AI the reason for the Barclays job cuts?
The bank says AI has made it more efficient, but CEO C.S. Venkatakrishnan said years of system upgrades and simpler operations also played a part.
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