Barclays cutting 5,000 jobs as it increases reliance on AI
The bank says it is using more AI leading to a 5% reduction in its workforce.
Key points
- Barclays is cutting 5,000 jobs, about 5% of its global workforce, as it increases its reliance on AI.
- About 1,000 posts have already been closed, with a further 4,000 reductions expected to be complete by the end of 2026.
- Most of the cuts are operational and functional roles, mainly in UK retail banking, though investment banking is also affected.
Barclays is cutting 5,000 jobs, amounting to about 5% of its global workforce, as the banking group increases its reliance on AI. The company said 1,000 posts have already been closed and it expects a further 4,000 reductions to be complete by the end of 2026.
Where the cuts fall
Most of the roles being cut are operational and functional positions, with the bulk in Barclays' UK retail banking arm. The group's investment banking division will also be affected.
Why Barclays is cutting
Barclays said the cuts result from investments in technology, with AI making some work processes more efficient.
