Barclays said on Thursday it is cutting around 5,000 jobs this year — about 5% of its workforce — as it uses technology, including artificial intelligence, to cut fixed costs and improve returns, Reuters reported.

The cuts were announced alongside third-quarter results. Barclays reported profit of £2.3 billion (yaani $3.08 billion), up 12% from a year earlier, but below analysts' forecasts as its fixed-income trading business underperformed, Reuters said.

1,000 roles already gone, the rest by year-end

Chief financial officer Anna Cross told reporters that 1,000 of the roles have already gone and the remainder will be cut by the end of the year, with around 60% of the cuts hitting support functions such as developers, according to Reuters.

Chief executive C.S. Venkatakrishnan said he was disappointed by the fixed-income performance. "I am disappointed, and you can be sure this will get my attention," he said, blaming a volatile quarter and weak trading in rates and credit, Reuters reported.

5,000jobs to be cut this year
5%of Barclays' workforce
60%of cuts in support functions
£2.3 billionthird-quarter profit (yaani $3.08 billion)

AI is the 'icing on the cake', bank says

Venkatakrishnan said the cuts follow years of investment in technology, and described AI as the "icing on the cake — it's not the cake", saying the bank first had to modernise its infrastructure to get the benefits, PA Media reported. The bank took a further £201 million in structural cost actions in the third quarter, Reuters said.

BBC News reported that some of Barclays' UK back-office work is done in India, where a significant proportion of the job cuts are expected to fall — a detail that makes the announcement relevant well beyond Britain.

Analyst Will Howlett of Quilter Cheviot told Reuters the cuts illustrate "just how significantly AI and automation could reshape the banking industry over the next few years". Reuters noted that Microsoft and HSBC have also announced layoffs this year as automation spreads.

What is solid

  • Barclays is cutting around 5,000 jobs, about 5% of its workforce, this year (Reuters, BBC, PA).
  • About 1,000 roles have already gone; the rest are due by the end of the year (Reuters, PA).
  • Third-quarter profit was £2.3 billion, up 12% year on year but below forecasts (Reuters).

What is only claimed

  • How much of the cut is caused by AI alone: the bank says broader technology investment and modernisation drive the savings, with AI playing a growing but secondary role.

Barclays said in its results presentation that it was carrying out "organisational simplification and technology change efficiency driven by AI", PA Media reported. The bank's workforce stood at around 93,000 globally at the end of 2025.