Barclays to cut about 5,000 jobs as it leans more on AI
Barclays said it will cut about 5% of its global workforce, mostly in support roles, as it uses AI to reduce costs; the Unite union accused it of using AI as an excuse.
Photo: Ilya Grigorik, CC BY-SA 3.0
Barclays said on 22 October it is cutting about 5,000 jobs, around 5% of its global workforce, with its third-quarter results. About 1,000 posts have already gone and the remaining 4,000 cuts are expected by the end of 2026, according to the BBC.Sources:1BBC (via Yahoo Finance): Barclays cutting 5,000 jobs as it increases reliance on AI, BBC (via Yahoo Finance), 22 October 2026 (source, opens in a new tab)2Bloomberg: Barclays to Cut 5,000 Jobs as AI Drives Cost Reduction Effort, Bloomberg, 22 October 2026 (source, opens in a new tab)
The cuts focus on the UK retail bank, and about 60% fall in support functions, including developers. Some UK back-office work is done in India, where many of the job losses are expected. Barclays expects its efficiency measures to save a further £1.1bn in 2027. Not all of the cuts are due to AI, the BBC noted.Sources:1BBC (via Yahoo Finance): Barclays cutting 5,000 jobs as it increases reliance on AI, BBC (via Yahoo Finance), 22 October 2026 (source, opens in a new tab)
Group chief executive C. S. Venkatakrishnan said AI "has an important role to play" but called it "the icing on the cake not the cake". Barclays reported a £2.3bn profit for the three months to September, higher than a year earlier but slightly below forecasts.Sources:1BBC (via Yahoo Finance): Barclays cutting 5,000 jobs as it increases reliance on AI, BBC (via Yahoo Finance), 22 October 2026 (source, opens in a new tab)
Sharon Graham, general secretary of the Unite union, said the bank was "using AI as an excuse to discard its loyal and long-suffering workforce". Analysts described AI-linked job cuts as a hot-button issue for banks.Sources:1BBC (via Yahoo Finance): Barclays cutting 5,000 jobs as it increases reliance on AI, BBC (via Yahoo Finance), 22 October 2026 (source, opens in a new tab)
Where it happened
Who is involved
- BarclaysAnnounced about 5,000 job cuts tied to AI-driven efficiencyBritish multinational bank
- C. S. VenkatakrishnanSaid AI has an important role but is "the icing on the cake"Group chief executive of Barclays
- Unite the UnionCriticised the cuts as using AI as an excuseBritish and Irish trade union
- Sharon GrahamAccused Barclays of using AI to discard its workforceGeneral secretary of Unite the Union
More from United Kingdom
- AI-found PHP2Shell flaws push governments and companies to take websites offlineTwo critical PHP flaws found with AI help led governments, banks and Wikipedia to pull sites offline while attackers began probing unpatched servers.22 Oct 2026
- AI stocks slide worldwide as Kospi, Nikkei and Hang Seng fall about 3%Tech and AI shares fell from Seoul to New York on worries about expensive borrowing for AI build-outs and stretched valuations; Lam Research and Meta fell after their earnings.22 Oct 2026
- Meta shares drop 7% on AI spending and negative cash flow as Nasdaq has worst day since JuneMeta fell about 7% after its quarterly free cash flow turned negative on AI spending, dragging the Nasdaq down 2.6% in its worst session since June.22 Oct 2026
- OpenAI nears up to $30bn funding round at $1.25tn valuation, led by Coatue and UAE investorsOpenAI is reportedly close to raising up to $30bn at a $1.25tn pre-money valuation as a bridge before a possible IPO, as rival Anthropic prepares to list.22 Oct 2026
Topics
Sources
- 1
- 2