- Barclays expects to cut around 5,000 jobs by the end of 2026 after artificial intelligence adoption boosted operational efficiency.
- The staff reductions represent roughly five per cent of the bank's global workforce, primarily impacting operational and functional roles.
- Group chief executive CS Venkatakrishnan attributed the decision to ongoing investments in technology, which have reduced the need for certain positions such as developers.
- The banking group executed £200 million in structural cost savings during the third quarter, taking its total cost-cutting measures for the year to £600 million.
- Despite the job cuts, Barclays reported a 12 per cent rise in third-quarter pre-tax profits, reaching £2.3 billion.
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