Barclays plans 5,000 job cuts in technology efficiency push

Barclays plans to cut about 5,000 roles in 2026 under a technology-enabled efficiency program, equal to roughly 5% of its workforce. The bank removed about 1,000 positions in the first half and expects to eliminate approximately 4,000 more by year-end.

Chief Financial Officer Anna Cross said around 60% of the planned reductions would be in support functions, including developer roles. The available materials do not break down the cuts by country or specify how many developers will be affected.

In its third-quarter results, Barclays described the initiative as a structural reduction in its cost base through expected technology-enabled workforce reductions. The bank recorded £201 million in structural cost actions in the third quarter and plans about £300 million more in the fourth quarter.

Chief Executive C.S. Venkatakrishnan said the gains followed years of technology investment. He said platform modernization, harmonized systems and simpler processes had produced most of the efficiencies so far. AI was important and in use where the bank’s infrastructure was modern, he said, but it remained an additional layer rather than the entire program. Barclays has not quantified how many of the planned cuts are specifically attributable to AI.

Another recent workforce plan offers a comparison: Kroger plans 3,000 corporate job cuts while expanding AI use.

Barclays reported third-quarter profit before tax of £2.322 billion, up 12% from £2.077 billion a year earlier.