Barclays Plans 5,000 Job Cuts as AI Gains Efficiency

Barclays plans to cut about 5,000 jobs, roughly 5% of its global workforce; around 1,000 positions have already been eliminated, with the remaining reductions expected by the end of 2026. About 60% of the cuts will affect support functions, including developers, and a significant share is expected to hit back-office operations in India; affected staff may apply for vacancies elsewhere in the bank. The cuts are part of a broader cost-reduction and modernization effort, with Barclays citing organizational simplification, technology investment and emerging AI efficiencies rather than attributing every job loss directly to automation. CEO C.S. Venkatakrishnan described AI as the “icing on the cake,” saying modern infrastructure is needed to realize its benefits. The announcement came as Barclays reported third-quarter pretax profit of £2.3 billion, up 12% year over year.