Barclays to axe another 4,000 jobs by year‑end as AI rollout accelerates

UPDATE - follow-up to Barclays cutting 5,000 jobs as it increases reliance on AI: Barclays will cut a further 4,000 jobs by the end of 2026, taking total layoffs to about 5,000, or roughly 5% of its global staff, as the bank expands artificial‑intelligence tools.

What Happened

The bank said 1,000 positions were already closed and the remaining 4,000 will be removed by year‑end. Cuts target the UK retail arm and back‑office functions, many of which operate from India. Around 60% of the jobs eliminated will be in support roles, including developers.

Reaction

Group chief executive CS Venkatakrishnan said the reductions stem from heavy investment in technology, calling AI "the icing on the cake" and stressing the need to build infrastructure first. Investment director Russ Mould of AJ Bell said Barclays is "reaching for the AI lever" but has not met financial expectations. Analyst Will Howlett of Quilter Cheviot noted the moves show how AI and automation could reshape banking in coming years.

Context

Barclays posted a £2.3 bn profit for the quarter to September and expects its efficiency programme to save an additional £1.1 bn in 2027, completing a three‑year cost‑cutting drive focused on its UK retail business.