Barclays to Cut 5,000 Jobs Globally in 2026

Barclays plans to cut around 5,000 jobs globally in 2026 as the British banking group increases its use of technology, including artificial intelligence (AI), to reduce costs and improve operational efficiency. The planned reduction represents around 5% of its workforce, according to a Reuters report published on October 22.

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Barclays Chief Financial Officer Anna Cross said approximately 1,000 job cuts had already been completed, while the remaining 4,000 are expected by the end of the fourth quarter of 2026.

Key Highlights

• 5,000 jobs at risk: Barclays plans to reduce its global workforce by around 5,000 employees in 2026.
• 1,000 cuts completed: The bank has already completed approximately 1,000 job cuts.
• 4,000 more expected: The remaining reductions are planned by the end of 2026.
• Support functions affected: Around 60% of the planned cuts are expected to affect support functions, including developer roles.
• AI and technology adoption: The bank is using technology to improve efficiency and reduce costs.

Support Functions and Developer Roles Among Those Affected

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Around 60% of the planned job cuts are expected to affect support functions, including developer roles. The reductions form part of the bank’s efforts to lower fixed costs and improve returns through technology-led efficiency measures.

The announcement comes as banks increasingly explore AI and automation to improve productivity and review staffing requirements across their operations. However, the reported figures do not mean that all planned job cuts are directly attributable to AI.

Also Read: Barclays Employees Seek Extra Pay Over Return-to-Office Rules

Barclays Reports Higher Quarterly Profit

The workforce reduction announcement came alongside Barclays’ third-quarter financial results. The bank reported pre-tax profit of £2.3 billion for the July–September 2026 quarter, compared with £2.1 billion in the corresponding period last year.

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The bank’s latest plans underline the growing impact of technology adoption on workforce planning in the financial services sector. As organisations automate processes and change how work is performed, HR teams may need to reassess job requirements, identify emerging skills and plan employee transitions.

For HR leaders, the development also raises questions about how organisations can balance productivity gains from AI with reskilling, redeployment and long-term workforce planning.