British Banking Giant Barclays Targets 5% Of Workforce In Cost-Cutting Drive

British banking giant Barclays plans to eliminate 5,000 jobs, roughly 5% of its workforce, as it pursues cost reductions and efficiency improvements linked partly to artificial intelligence.

Barclays said organisational restructuring and AI-driven improvements would help lower operating costs and free resources for investment.

The announcement came as the lender reported a 12% annual increase in third-quarter pre-tax profit to £2.3 billion, matching analyst expectations compiled by LSEG. However, group income reached £7.4 billion, falling short of forecasts of £7.61 billion.

Net interest income remained broadly stable at £3.91 billion. Barclays’ core capital ratio slipped to 14.2% from 14.3% in the previous quarter, while return on tangible equity declined to 11.7% from 16.1%. Its shares traded lower following the announcement.

Related Tweet:

Barclays is cutting 5,000 jobs - about 5% of its workforce to accelerate its adoption of AI. Developers and support staff will take the biggest hit. https://t.co/ogRkGzxbAa

— Ayesha Tariq, CFA (@AyeshaTariq) October 22, 2026

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tippinsightsTIPP Staff