Barclays plans to cut approximately 5,000 jobs by the end of 2026. The reductions represent about 5% of the British bank’s global workforce.
The bank said the cuts are part of a cost-reduction drive focused on simplifying its organization and using technology more efficiently, particularly artificial intelligence.
Around 60% of the job cuts will affect support and operational functions, including developer roles. Barclays said the restructuring is intended to create capacity for investment.
CEO C.S. Venkatakrishnan described AI as the “icing on the cake” of broader technology investments. The cuts come amid a wider trend among financial institutions to automate tasks and streamline operations.