Barclays plans around 5,000 job cuts in 2026

Barclays plans to cut around 5,000 jobs worldwide in 2026, or nearly 5% of its workforce. The bank detailed its plan on October 22 when presenting its quarterly results.

Its chief financial officer, Anna Cross, told Reuters that around 1,000 jobs had already been cut and that another 4,000 cuts were expected by the end of the year. The overall change in headcount will also depend on hiring.

Around 60% of the cuts affect support functions, Anna Cross told Reuters. They include developers, though the number affected was not disclosed.

To improve productivity, management is focusing on modernizing systems, simplifying processes and using artificial intelligence. Chief executive C. S. Venkatakrishnan attributes most of the gains already achieved to past technology investments and process simplification. He presents AI as a complement to these efforts. Barclays has not said how many cuts were directly attributable to the technology.

Targeted savings and immediate costs

The cost reduction program existed before this announcement. Barclays had already set a target of more than £2 billion in gross savings over 2026-2028.

Anna Cross says the cuts are part of a broader plan targeting more than £1.1 billion in savings in 2027, The Guardian reports. These targets cover broader plans and do not quantify the savings attributable solely to job cuts or AI.

Barclays recorded £201 million in costs related to structural measures in the third quarter and expects around £300 million in such costs in the fourth quarter. These expenses are separate from the targeted savings.

The bank also reported third-quarter pre-tax profit of £2.3 billion, up 12% year on year.

Sharon Graham, general secretary of the Unite union, is calling on employers to develop workers’ skills so they can keep their jobs as technology evolves.