business
Barclays to cut 5,000 jobs by 2026 to integrate AI
Barclays is cutting 5,000 jobs by 2026 to integrate AI and reduce costs.
Key points
- Barclays is eliminating 5,000 positions, representing nearly 5% of its global workforce, by the end of 2026.
- Around 1,000 positions have already been eliminated as part of the restructuring process.
- Job losses will primarily affect operational and functional roles, with most concentrated in the UK market.
Why it matters. The move reflects a broader financial services industry shift toward investing in AI-driven processes to streamline operations and reduce reliance on human intervention.
Barclays is cutting 5,000 jobs, nearly 5% of its global workforce, to reduce costs and harness artificial intelligence, according to reports. Chief Executive C S Venkatakrishnan told Sky News that the reductions are linked to technology investments and infrastructure modernization. Most losses are expected to be concentrated in operational and functional roles within the UK.
Latest updates
Barclays to cut 5,000 jobs by 2026 to integrate AI
Barclays has announced a workforce reduction of 5,000 jobs as part of a strategic push toward AI integration and cost efficiency. The bank has already eliminated 1,000 positions, with the remaining cuts scheduled for completion by the end of 2026. This move aims to improve operational efficiency across its global business. The bank is prioritizing the adoption of AI to streamline banking services.
Barclays to cut 5,000 jobs amid increased AI adoption
Barclays is cutting 5,000 positions, representing a 5% reduction in its total workforce, as it increases its reliance on artificial intelligence. The decision follows mixed third-quarter financial results, highlighted by a 19% fall in revenue from fixed-income trading. The bank intends to use AI to drive operational efficiencies and cost savings. This restructuring reflects a wider industry trend of replacing manual roles with automated systems.