Barclays to Cut 5,000 Jobs as CEO Says Bank Will 'Apply AI at Scale'

Barclays has announced plans to cut 5,000 roles, roughly 5% of its total workforce, with about 60% of the reductions hitting support functions including developers. The move is part of a wider cost-control effort after the London-based bank reported higher-than-expected expenses earlier in 2026. It has already eliminated around 1,000 positions in the first half of the year.

The job cuts make Barclays the latest major lender to shrink headcount as AI adoption spreads across the banking industry, following HSBC and Standard Chartered. HSBC is considering cutting up to 20,000 jobs over the next few years, while Standard Chartered has said it plans to reduce corporate function roles by more than 15% by 2030.

Chief Executive CS Venkatakrishnan told reporters on a conference call that the bank would "apply AI at scale," but added that AI is "icing on the cake, not the main event." Deutsche Bank CEO Christian Sewing also said on Oct. 21 that the bank is using AI to improve efficiency and strengthen controls. Barclays shares were down about 1% by 3:28 p.m. in London, narrowing earlier declines.