Barclays Announces 5,000 Job Cuts
Source reports published 22 Oct 2026, 10:00 am – 5:32 pm AEST
Barclays is reducing its workforce by 5,000 employees as part of a cost-saving initiative driven by investments in artificial intelligence. The bank’s executives believe AI will improve productivity.
What happened
- Barclays announced plans to cut 5,000 jobs, representing approximately 5% of its global workforce.
- This reduction is being implemented as part of a broader strategy to achieve cost savings, largely due to advances in artificial intelligence.
- According to Barclays’ chief financial officer, Anna Cross, the bank aims to save more than £1.1 billion by 2027.
- The bank’s CEO, CS Venkatakrishnan, stated that AI is the primary driver of efficiency gains, describing it as ‘the icing on the cake’ for modernizing the bank’s technology.
- Unite union general secretary Sharon Graham criticized the move, alleging Barclays is using AI to discard its workforce.
- Barclays also announced plans to distribute £500m to investors, increasing total shareholder payouts to £2.8bn. The bank reported £2.3bn in pre-tax profits for the July to September quarter.
- The TUC general secretary, Paul Nowak, called for banks to contribute more through increased taxation, citing the significant profits made by the ‘big four banks’ since 2021.
Original reporting
- Guardian: Barclays to cut 5,000 jobs as bank’s bosses hail AI productivity advances
2026-10-22T00:00:00+00:00 - Sky News: Barclays cutting 5,000 jobs in AI-led efficiency drive
2026-10-22T07:32:00+00:00