Barclays to cut 5,000 jobs as AI use expands

Barclays has announced plans to cut 5,000 jobs, representing approximately 5% of its total workforce, as part of an effort to reduce costs and increase efficiency through the expanded use of artificial intelligence. According to the Daily Times, the bank intends to eliminate these roles worldwide by the end of 2026. The Hindustan Times - World News reports that around 60% of these cuts will impact support functions and developers, noting that the bank had already cut roughly 1,000 jobs during the first half of 2026.

Chief Executive CS Venkatakrishnan stated that while the bank will deploy AI at scale, the technology is "the icing on the cake not the cake." This announcement follows a third-quarter earnings report where the bank saw a 13% increase in profit, according to the Daily Times, though the Hindustan Times - World News notes that results missed several analyst estimates due to weakness in the investment banking business and a sharp decline in bond trader performance.

Microsoft’s global head of financial services, Bill Borden, told City AM that AI is expected to replace much of the routine, repetitive, and manual work traditionally performed by junior bankers. Borden noted that the technology will impact human capital and change the skills required to enter the banking industry.

Brief written by urgent.news from Daily Times, City AM, Hindustan Times - World News — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.