{
  "id": 16032526,
  "title": "Barclays to cut 5,000 jobs as it turns to AI to improve efficiency",
  "url": "https://urgent.news/2026/10/22/barclays-to-cut-5-000-jobs-as-it-turns-to-ai-to-improve-efficiency-16032526",
  "topic": "ai",
  "section": "AI",
  "published": "2026-10-22T10:14:25.000Z",
  "source": {
    "name": "Euronews Business",
    "slug": "euronews-business",
    "url": "https://www.euronews.com/2026/10/22/barclays-to-cut-5000-jobs-as-it-turns-to-ai-to-improve-efficiency"
  },
  "original_language": "en",
  "account": "Barclays announced plans to cut around 5,000 jobs, including 1,000 already laid off in the first half of the year, as it embraces AI and technology to boost efficiency. The announcement coincided with an earnings update revealing a 13% increase in the bank's net profit in the third quarter, driven by surging income in its equities division. Barclays attributed its growth to an organizational simplification and technology-driven improvements. Approximately 60% of the job cuts are expected to impact support functions, including developers, as AI enhances staff productivity. Financial analyst Will Howlett noted that AI and automation could significantly reshape the banking industry in the coming years, as banks invest heavily but see fewer people needed to run the business. Barclays projected its efficiency measures to generate over £1.1 billion (€1.31bn) in savings, improving profitability. In the third quarter, Barclays' profit attributable to shareholders reached £1.65 billion (€1.97 billion), up from £1.46 billion (€1.74 billion) in the same period last year. CEO C. S. Venkatakrishnan expressed satisfaction with the bank's operational and financial momentum, highlighting strong performance in the investment bank division, which saw a 47% year-on-year hike in equities income. However, Barclays' investment bank faced challenges, particularly in fixed income trading. The bank also announced a £500 million (€596 million) share buyback. Despite the job cuts and the impact of higher costs, Barclays remains on track with its long-term targets, according to Howlett. He emphasized the uncertainty surrounding whether technological investments and a smaller workforce can lead to sustained lower costs without compromising growth. The AI-driven job cuts come amid concerns over the bank's third-quarter performance and a potential investigation into possible misrepresentation of risks in its private credit portfolio. The Bank of England is examining claims that Barclays understated risks linked to financing for private credit funds, questioning whether the bank accurately represented these exposures in its books.",
  "summary": "British bank Barclays said on Thursday it would cut around 5,000 jobs, or roughly 5% of its global workforce, by the end of 2026 as it turns to AI and other technology to streamline operations and improve efficiency.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}