Compiled from reports by BBC, Business Insider and Silicon Republic. See the original articles linked below.
Barclays plans to reduce its workforce by about 5,000 jobs, roughly 5% of its headcount, according to reports on 22 October 2026 from the BBC, Business Insider and Silicon Republic. The British bank disclosed the plan alongside its third-quarter results.
Scale and timing
The BBC reported that around 1,000 posts have already gone and that the remaining 4,000 are expected to be removed by the end of 2026. Silicon Republic likewise said about 1,000 roles were eliminated in the first half of the year, with the rest due before year-end.
Business Insider wrote that the bank described the reductions as part of a structural cut in costs through technology-enabled headcount changes. It added that the earnings presentation linked them to organisational simplification and efficiency gains driven by AI.
Which roles are affected
All three outlets reported that about 60% of the cuts will fall in support functions, and that developers are among the people affected. The BBC said most of the reductions will land in the UK retail bank, and that a significant share is expected to come from UK back-office work carried out in India. The BBC also reported that not every cut is attributed to AI, and that the bank described AI as the “icing on the cake” of a wider modernisation plan.
Comments from the bank
Business Insider quoted group finance director Anna Cross as saying the layoffs come as AI makes staff more productive, and reported that she said Barclays UK had taken more structural cost actions than it planned for 2026. According to Silicon Republic, Cross told analysts that the changes in the third and fourth quarters are sizable, and linked them to simplifying the organisation and to the effects of AI.
Costs, savings and results
Silicon Republic reported that Barclays has spent about £600m this year on cost reduction and expects roughly £300m more in savings in the last three months. The BBC said the cuts mark the end of a three-year cost-cutting programme and that the bank expects its efficiency measures to deliver a further £1.1bn in savings in 2027.
The BBC reported pre-tax profit of £2.3bn for the three months to September, higher than a year earlier but slightly below forecasts. Silicon Republic added that the investment bank had a mixed quarter: fixed income and currency revenue fell almost 20% year on year to £1.01bn, below analyst expectations, while equities revenue rose 47%.
Reaction and wider context
The BBC reported that Sharon Graham, general secretary of the Unite union, criticised the move, saying Barclays was using AI as an excuse to cut jobs, and called for reskilling. The BBC also noted that HSBC, Standard Chartered and Danske Bank have flagged AI-related job reductions this year, and said analysts view the cuts as a sign of how AI and automation could reshape banking, although banks have not yet deployed AI widely.
Business Insider placed the announcement within a broader trend on Wall Street, reporting that Goldman Sachs has said it plans to restrain headcount growth and that JPMorgan chief executive Jamie Dimon has said the bank will likely hire fewer bankers. It named Snap and Coinbase among other companies with AI-related layoffs this year, and noted that AI has not always meant cuts, as some firms have increased hiring or cut some roles while hiring for others. Silicon Republic listed eBay, EA and Netflix among other October layoffs.
Sources
- Barclays cutting 5,000 jobs as it increases reliance on AI (BBC, 2026-10-22)
- Barclays is cutting 5,000 jobs — including developers — in an AI push (Business Insider, 2026-10-22)
- Barclays to cut 5,000 jobs as it seeks to reduce costs with AI (Silicon Republic, 2026-10-22)
This article was compiled with AI assistance from the reports listed above and reviewed by GMA before publishing.