5,000 jobs to go at Barclays as tech drives big cutbacks

By the Editorial Team · Friday, October 23, 2026

Barclays will cut about 5,000 jobs globally by the end of 2026 as it focuses on cost reduction and operational efficiency through technology upgrades, including increased use of AI. This move supports the bank’s goal of achieving £300 million in additional cost savings while building on ongoing modernization efforts that have already contributed to a 12% rise in pre-tax profits.

Barclays plans to cut approximately 5,000 jobs worldwide by the end of 2026 as part of a broader effort to reduce costs and improve operational efficiency through increased investments in technology, including artificial intelligence (AI). The job reductions represent about 5% of the bank’s global workforce and follow the elimination of around 1,000 positions in the first half of the year.

Most of the layoffs will affect operational and support roles, reflecting the bank’s shift towards automating processes and modernizing its infrastructure. The bank is also reducing the number of development staff as AI and other technological advancements streamline various functions.

Chief Executive CS Venkatakrishnan, known within the bank as Venkat, emphasized that years of technology upgrades have laid the groundwork for these efficiency gains. He described AI as “the icing on the cake,” underscoring that the primary improvements stem from modernizing platforms, harmonizing systems, and simplifying processes.

Venkat explained that the infrastructure enhancements enable the bank to benefit from AI-driven efficiencies but stressed that AI itself is part of a broader technology strategy. “It’s not the cake because you need to do the infrastructure build to get the benefits of AI,” he said.

Barclays is targeting an additional £300 million in cost savings in the final quarter of 2026. The bank reported a pre-tax profit of £2.3 billion for the three months ending in September, marking a 12% increase compared to the same period last year. The gains reflect the ongoing efforts to streamline operations and leverage technological investments to enhance profitability.

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