Barclays will cut around 5,000 jobs this year. That is roughly 5% of the bank’s entire workforce. The bank announced it on 22 October, together with its third-quarter results.
About 1,000 jobs had already gone in the first half of the year. The remaining cuts are due by the end of 2026. Around 60% of the reductions affect support functions, including software developers.
The bank’s finance director Anna Cross told analysts the changes stem from simplifying the organisation and from the effects the bank is starting to see from artificial intelligence. The bank has spent around £600m this year on its cost-cutting programme and expects about £300m of savings in the final quarter.
Barclays’ third-quarter profit was about £2.3bn, 12% higher than a year earlier. The result was, however, weaker than analysts expected, because bond and currency trading performed worse.
What it means for you
- Bank and office workers: this is another sign that automation and AI are taking mainly office and support jobs – including in IT.
- Bank customers: the bank has not announced changes for customers. However, more matters will be handled by the app and automated systems, and fewer by people.
- Polish businesses in the UK: experienced finance and IT specialists will come onto the market. That is a recruitment opportunity.
Our assessment
Barclays is not an exception. Big banks and service firms are increasingly open about AI letting them employ fewer people. The bank is profitable, so these are not cuts born of hardship but a change in the working model. We believe more financial institutions will announce similar decisions. The safest workers will be those who can work with the new tools, not compete with them.
What to do
- If you work in a bank or a support function, update your CV and LinkedIn profile now, not after you receive notice.
- Know your rights in a collective redundancy and to redundancy pay: GOV.UK – Redundancy: your rights.
- Free employment advice is available from Acas.
- Looking for new qualifications? Check free courses under Free Courses for Jobs (England) or at My World of Work (Scotland).
Source: Silicon Republic, Business Standard / Reuters (22.10.2026).
We assess factual corrections and substantive responses. Verified changes are reflected in our reporting.
Contact the editorial desk →
