Barclays plans to cut 5,000 jobs, or ~5% of its workforce, by the end of 2026 as part of AI-driven cost cutting, with ~60% coming from support and developers (William Shaw/Bloomberg)

Barclays is cutting approximately 5,000 jobs, representing about 5% of its global workforce, as part of an effort to drive efficiency through artificial intelligence and technology investments. According to BBC Business and BBC News, the bank has already closed 1,000 posts and expects to complete a further reduction of 4,000 by the end of 2026. These cuts are linked to organizational simplification and technology-enabled headcount reductions, according to Business Insider.

Techmeme reports that roughly 60% of the job losses will come from developers and support staff, while BBC Business and BBC News state most cuts will be among operational and functional roles. The reductions are occurring as the banking group nears the end of a three-year cost-cutting programme focused on its UK retail banking arm, though the investment banking division is also affected.

In its third-quarter earnings presentation, the bank reported a £2.3bn profit for the latest three months, which was higher than a year ago but slightly lower than forecast, according to BBC Business and BBC News. Group chief executive CS Venkatakrishnan stated the job cuts resulted from ongoing and long-term investments in technology.

Brief written by urgent.news from Techmeme, Business Insider, BBC Business, BBC News, Sky News — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.