Barclays Cuts 5,000 Jobs Globally As AI Boosts Efficiency
· Business · BBC News, CNBC, Reuters
Barclays is cutting approximately 5,000 staff this year as part of a broader push to introduce artificial intelligence into its banking operations. The banking group reported that 1,000 posts have already been closed, with the remaining 4,000 reductions scheduled to finish by the end of 2026. These job cuts represent 5% of the company's global workforce. Most of the affected positions are operational and functional roles, primarily concentrated in its UK retail banking arm, though the investment banking division is also impacted. The company stated that the reductions stem from technology investments that make work processes more efficient.
Why it matters
The layoffs directly affect 5,000 banking professionals globally, particularly impacting operational and retail roles in the UK as traditional banking jobs shift toward AI-driven automation.
Read the original report — BBC News
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