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Barclays to cut 5,000 jobs as AI integration drives 5 % workforce reduction
Barclays is cutting 5,000 jobs as AI integration drives a 5% reduction in its global workforce.
Barclays is reducing its global workforce by 5% this year through the integration of artificial intelligence. The banking group has already closed 1,000 posts and expects to cut another 4,000 by the end of 2026. Most reductions affect operational and functional roles in UK retail banking and the investment banking division. Barclays attributes these changes to technology investments making work processes more efficient.
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Barclays to cut 5,000 jobs as AI integration drives 5 % workforce reduction
Barclays Plc disclosed on Friday that it will reduce its global workforce by about 5,000 jobs, representing a 5 % cut, as the bank accelerates the deployment of artificial‑intelligence tools. The first tranche of 1,000 roles has already been closed, with the remaining reductions slated for completion by December 2026. Most of the cuts will affect operational and functional positions, particularly within the UK retail banking division. The bank said AI will automate routine tasks, improve efficiency, and free staff to focus on higher‑value activities. Barclays expects the restructuring to generate cost savings of roughly £500 million annually. Union representatives expressed concern over the speed of the layoffs, while senior executives highlighted the strategic necessity of digital transformation.