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Barclays to cut 5,000 jobs amid AI and automation expansion
Barclays has announced plans to eliminate approximately 5,000 jobs, representing about 5% of its global workforce, as part of a restructuring program aimed at reducing costs and increasing efficiency through technology and artificial intelligence.
The bank reported that 1,000 positions have already been cut during the first half of the year, with the remaining 4,000 expected to be eliminated by the end of 2026. Approximately 60% of the redundancies will impact support functions, including software developers and other technical roles, as the bank seeks to modernize its infrastructure and automate routine tasks.
This workforce reduction comes despite a strong financial performance in the third quarter, where Barclays reported a 12% increase in pre-tax profit to £2.3 billion. CEO C.S. Venkatakrishnan described AI as “the icing on the cake, not the cake,” noting that the cuts are part of a broader technological overhaul involving standardized data and simplified processes. The program is expected to deliver more than £1.1 billion in gross efficiency savings by 2027.
Entities
ANZ Bank · Anna Cross · Barclays · C.S. Venkatakrishnan · CBA · National Australia Bank
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 10 SOURCES] The job cuts represent about 5% of Barclays' global workforce. utrinskivesnik.mk · www.itweb.co.za · cekin.si · tgnews.com.ng · economia3.com · +5 more
- [● 10 SOURCES] Barclays plans to cut approximately 5,000 jobs by 2026. utrinskivesnik.mk · www.itweb.co.za · cekin.si · tgnews.com.ng · economia3.com · +5 more
- [● 2 SOURCES] The restructuring is expected to deliver over £1.1 billion in gross efficiency savings by 2027. www.itweb.co.za · cekin.si
- [● 9 SOURCES] Barclays' third-quarter pre-tax profit increased by 12% to £2.3 billion. utrinskivesnik.mk · www.itweb.co.za · cekin.si · economia3.com · www.realtid.se · +4 more
- [● 10 SOURCES] Approximately 1,000 jobs have already been eliminated in the first half of the year. utrinskivesnik.mk · www.itweb.co.za · cekin.si · tgnews.com.ng · economia3.com · +5 more
- [● 9 SOURCES] About 60% of the job cuts affect support functions, including developers. utrinskivesnik.mk · www.itweb.co.za · cekin.si · economia3.com · www.realtid.se · +4 more
- [● 3 SOURCES] CEO C.S. Venkatakrishnan described AI as 'the icing on the cake, not the cake'. www.itweb.co.za · www.realtid.se · technews.bg
- [● 3 SOURCES] Barclays third-quarter revenue rose 3% to £7.4 billion. www.itweb.co.za · economia3.com · www.ocafezinho.com