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Barclays to cut 5,000 jobs as bank’s bosses hail AI productivity advances

Barclays is cutting 5,000 jobs as part of wider cost-cutting plans that its bosses say are being driven by advances in AI. The job cuts will mean losing about 5% of the bank’s 93,000 global staff, with executives confirming they had already cut 1,000 workers since the start of the year. The bank’s chief financial officer, Anna Cross, told reporters on Thursday that the job cuts were part of plans to save more than £1.1bn in 2027. “These actions involve an expected reduction of circa 5,000 full-time employees. Ar…

By the Truvace desk2 min read1 sourceJournalismTRV-2026-2151· cite & verify
Barclays to cut 5,000 jobs as bank’s bosses hail AI productivity advances

In brief

Barclays announced it will reduce its workforce by roughly 5%, about 5,000 of 93,000 global staff, as part of a cost-saving programme targeting more than £1.1bn in 2027. About 1,000 workers have already left this year, and most of the planned actions fall on support functions, developers included.

The announcement shows how large banks are linking headcount reductions to AI-enabled productivity, following a similar move at Standard Chartered. How much of Barclays' cut is directly caused by AI remains unclear, since the chief executive credited technology investment and process simplification for most efficiency gains so far.

Main points

  1. Barclays will cut about 5,000 jobs, roughly 5% of its 93,000 global staff.
  2. About 1,000 workers had already been cut since the start of 2026.
  3. Around 60% of the actions affect support functions, including fewer developers.
  4. The chief executive called AI the 'icing on the cake' and said technology modernisation drives most efficiency gains so far.
  5. Standard Chartered earlier announced plans to cut more than 7,000 jobs, about 15% of back-office roles by 2030.

The problem

Barclays expects to lose about 5,000 full-time roles, mostly in support functions including developers, as executives cite AI making remaining staff more productive.

The rundown

The chief financial officer said the actions are part of plans to save more than £1.1bn in 2027. She attributed the reduction in support roles, including developers, to AI making staff more productive.

Asked how many cuts were directly linked to AI, CS Venkatakrishnan did not give a figure. He said deep investments in technology and simplified processes were driving the bulk of efficiency gains, with AI applied where infrastructure is modern.

The cuts came alongside a 12% rise in quarterly pre-tax profit to £2.3bn and a further £500m share buyback. The article also notes that a bank tax increase is expected in the 28 October budget, which is separate from the AI workforce issue.

Sources

  1. JournalismThe Guardian2026-10-22

The debate