Barclays plans to eliminate 5,000 jobs worldwide by the end of 2026 as it expands artificial intelligence use and reduces costs. The British bank says the move will simplify operations and improve efficiency through greater reliance on AI. The decision comes despite a 13% increase in its third-quarter profit.
In a statement, Barclays explained that AI has improved productivity across parts of its business. The bank is also pursuing changes to make its internal processes simpler. These measures form part of a wider effort to control expenses and improve operational efficiency.
The bank has already eliminated 1,000 positions as part of the planned workforce reduction. It expects to remove another 4,000 jobs before the end of this year. Together, these cuts would reduce its global workforce by approximately 5%.
Barclays said support functions account for 60% of the positions targeted for removal. These roles involve activities that support the bank’s wider operations rather than its core services. The statement linked the cuts to productivity gains associated with the growing use of AI.
The announcement adds to concerns about how artificial intelligence could reshape employment across industries. Technology companies have also announced staff reductions in recent months. However, the bank’s statement specifically connects its restructuring plans with lower costs, simpler processes, and improved productivity.
Read more: Pakistan launches AI policy to create 3 million jobs
Barclays reported stronger profits during the third quarter, recording a 13% rise over the period. The job reduction announcement therefore comes alongside improved financial performance. The provided information does not specify the bank’s total third-quarter profit or the number of employees affected in each country.
The planned cuts will bring Barclays’ three-year cost-reduction campaign to an end. The bank expects to complete the remaining reductions by December 2026. Its approach reflects a broader effort to use technology and operational changes to improve efficiency while managing expenses.