Barclays cutting 5,000 jobs as it increases reliance on AI
The reductions are tied to AI-driven efficiency gains and support functions, and Barclays expects to save more than £1.1 billion, analysts said.
- On Thursday, British lender Barclays announced plans to cut 5,000 jobs, about 5% of its total workforce, as part of an artificial intelligence-linked efficiency push.
- The banking group reported a pre-tax profit of £2.3 billion for the three months to the end of September, which was 12% higher than the same period a year ago.
- Income from equities soared 47% in the third quarter, helping offset a 19% reduction in income from the fixed income trading arm.
- Barclays realized £200 million in cost efficiency savings during the third quarter, with roughly £300 million planned for the final three months of the year.
- Group chief executive CS Venkatakrishnan, known as Venkat, said the bank is on track to achieve all 2026 group targets while remaining committed to 2028 objectives.
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154 Articles
Barclays Layoffs: UK Bank To Cut 5,000 Jobs by Year-End As AI Boosts Efficiency
British banking giant Barclays plans to cut around 5,000 jobs by the end of 2026 as it steps up efforts to reduce costs and improve operational efficiency through technology, including artificial intelligence (AI). The planned reduction represents approximately 5% of its global workforce of around 93,000 employees at the end of 2025. Barclays Layoffs: UK Bank To Cut 5,000 Jobs by Year-End As AI Boosts Efficiency.
British bank Barclays is going to make significant cuts to its workforce. A total of five thousand jobs will be eliminated: about five percent of the total number of jobs. Barclays itself says that the company has been structured more efficiently, partly due to the use of AI.
BARCLAYS is cutting 5,000 jobs due to the introduction of artificial intelligence and system modernization, despite a significant increase in profits in the third quarter.
Libertad Digital
Forbes EspañaThe UK entity increases its profitability in the first nine months as it undertakes a "structural reduction of the cost base".
Barclays bank to cut about 5,000 jobs amid AI drive
The announcement came alongside an earnings update that showed Barclays' net profit grew 13 percent in the third quarter, fuelled by surging income across its equities division. Barclays said in an earnings presentation that it was implementing "organisational simplification and technology change efficiency driven by AI". "About 60 percent of the job losses relate to support functions, including fewer developers as AI makes our people more produ…
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