Barclays to cut 5,000 jobs by end of 2026

British banking giant Barclays has announced a major corporate restructuring plan that involves cutting approximately 5,000 jobs by the end of 2026. The move represents about 5% of the bank's global workforce and is primarily aimed at increasing operational efficiency through the integration of artificial intelligence and technological automation.

So far, 1,000 positions have already been eliminated, with the remaining 4,000 cuts expected to be completed within the next year. The restructuring will focus heavily on administrative, operational, and support roles, including a reduction in the number of developers. The bank noted that approximately 60% of the cuts involve support functions, as AI is expected to significantly enhance staff productivity. Most layoffs are concentrated within the UK retail banking unit, though the investment banking sector is also affected.

This decision coincides with the release of the bank's third-quarter financial results, which showed a 13% increase in net profit, rising to 1.65 billion pounds (2.2 billion dollars) compared to 1.46 billion pounds during the same period last year. Barclays attributes these gains to strong revenue growth in equity operations and a strategic commitment to organizational simplification.