Barclays to Cut 5,000 Jobs by 2026 Amid Tech Shift

Barclays announced on October 22 its intention to eliminate approximately 5,000 jobs by the end of 2026, which constitutes about five percent of its global workforce of approximately 93,000 employees as of the end of 2025. The bank has already cut about 1,000 positions and expects an additional 4,000 job losses before December.

The job reductions are part of a broader strategy to reduce operating costs and improve efficiency through technological advancements, including artificial intelligence. Anna Cross, Barclays Chief Financial Officer, indicated that around 60 percent of the job cuts would come from support functions, particularly in software development.

The UK retail banking sector is expected to be most affected, although some investment banking roles will also be impacted. The restructuring aims to simplify the bank's organizational structure and reduce the workforce needed for certain functions as technology enhances operational efficiency.