Barclays cuts 5,000 jobs, citing AI-driven productivity gains
Barclays announced it will eliminate about 5,000 full‑time positions, roughly 5 % of its 93,000‑person global workforce. The bank said the reduction is part of a broader cost‑cutting programme that aims to save more than £1.1 bn in 2027. Chief financial officer Anna Cross told reporters that around 60 % of the cuts target support functions, including fewer developers, because AI is making staff…
Key points
- Barclays will eliminate about 5,000 roles, roughly 5 % of its 93,000‑person global workforce.
- The cuts aim to save more than £1.1 bn in 2027, with 60 % targeting support functions as AI boosts productivity.
- Barclays posted £2.3 bn pre‑tax profit for Q3, up 12 % YoY, and announced a £500 m share buyback.
The job cuts follow an earlier reduction of 1,000 workers earlier this year and come as Barclays reported £2.3 bn pre‑tax profit for the July‑September quarter, a 12 % rise from £2.1 bn a year earlier. The lender also announced a £500 m share buyback, taking total cash returned to shareholders since January to £2.8 bn. Barclays’ move mirrors Standard Chartered’s plan to cut over 7,000 roles over four years. The announcement has drawn criticism from the Trades Union Congress, whose general secretary Paul Nowak said banks should pay a fairer share of taxes, while Chancellor John Healey is set to deliver a budget aimed at supporting businesses.
Barclays to cut 5,000 jobs as bank’s bosses hail AI productivity advances
The Guardian AI · 22 October 2026
Loading the full article…
This text was published by The Guardian AI and written by Kalyeena Makortoff Banking correspondent. It is reproduced here with attribution so you can read it in full; the rights remain with the publisher. Read it at the source ↗
Coverage and discussion
2sourcesThe headline, key points and digest above were generated by Digest AI's editorial model from the linked sources. Automated summaries can contain errors: the sources are the record. Spotted a mistake? Tell us. Published by Martin K., who runs Digest AI and handles corrections.
More in Business & Funding
All →- Meta researcher Ethem Coban leaves to start legal‑ai startup, seeks $6 million · 1 src
- Meta moves Q3 earnings report to October 21, citing Muse AI enthusiasm · 6 src
- Meta raises 2026 AI spending floor to $135B and plans nonvoting Class C shares · 9 src
- Anthropic may file for IPO in November as OpenAI delays to 2027 · 1 src
- Nvidia stock rises to $221.30 as AI demand fuels earnings · 2 src
Comments
via GitHub Discussions