Barclays to cut 5,000 jobs in 2026 as AI boosts productivity

Barclays plans to cut roughly 5,000 positions in 2026, about 5% of its 93,000-strong global workforce. Around 60% of the reductions involve support functions, including developers, as the bank simplifies operations and expands AI use. Restructuring costs are expected to reach about £600 million.

• Cuts affect ~5% of the bank's 93,000 employees
• About 60% of reductions hit support functions, including developers
• Restructuring costs in 2026 expected at roughly £600 million
• Pre-tax profit rose 12% to £2.3 billion but missed consensus