---
title: "Barclays to cut 5,000 jobs as it expands use of artificial intelligence"
publisher: "Stockmark.IT"
author: "Stockmark.IT Website"
published: "2026-10-23T07:42:28+00:00"
modified: "2026-10-23T07:42:28+00:00"
date: 2026-10-23
canonical: "https://stockmark.it/barclays-cutting-5-000-jobs-as-it-increases-reliance-on-ai/"
category: "Artificial intelligence"
categories: ["Artificial intelligence", "Banking", "Business", "Investment"]
image: "https://i0.wp.com/stockmark.it/wp-content/uploads/2026/10/barclays-to-cut-5-000-jobs-as-it-expands-use-of-artificial.png?fit=1536%2C1024&quality=80&ssl=1"
format: "news"
language: "en-GB"
---

# Barclays to cut 5,000 jobs as it expands use of artificial intelligence

**Published:** October 23, 2026
**Author:** Stockmark.IT Website
**Categories:** Artificial intelligence, Banking, Business, Investment
**Featured image:** ![Barclays to cut 5,000 jobs as it expands use of artificial intelligence](https://i0.wp.com/stockmark.it/wp-content/uploads/2026/10/barclays-to-cut-5-000-jobs-as-it-expands-use-of-artificial.png?fit=1536%2C1024&quality=80&ssl=1)

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Barclays is set to reduce its global workforce by approximately 5,000 employees as the bank integrates artificial intelligence into its operational processes. The banking group confirmed that 1,000 positions have already been eliminated, with the remaining 4,000 roles expected to be removed by the end of the current year. This reduction represents roughly 5% of the bank’s total global staff. While the cost-cutting measures are primarily concentrated within the UK retail banking division, a significant portion of the job losses is anticipated in India, where many back-office functions for the UK market are currently based.

The bank attributes these changes to an ongoing modernisation strategy, describing the adoption of AI as a supplementary element rather than the sole driver of the restructuring. Although not every position cut is directly attributable to artificial intelligence, the scale of the reductions is likely to intensify scrutiny regarding the technology’s impact on employment. As corporate expenditure on AI rises, there are growing claims that new tools can replace fundamental tasks such as administrative duties and programming. Other major financial institutions, including HSBC, Standard Chartered, and Danske Bank, have similarly indicated that AI-related efficiencies are contributing to workforce reductions this year.

AJ Bell investment analyst Russ Mould noted that the topic remains highly sensitive. He observed that while banks are considering the security and customer service implications of AI before implementing it for financial savings, the broader industry must continue to manage its cost base effectively. Mould suggested that it will be interesting to observe how other banks address these issues in their upcoming financial results. Conversely, Sharon Graham, general secretary of the Unite union, criticised the move, arguing that the company is using AI as a pretext to dismiss long-serving employees. She contended that employers should focus on upskilling their workforce to adapt to technological changes rather than adopting a short-term approach.

Barclays is concluding a three-year cost-cutting programme that has focused on its UK retail arm, though the investment banking division has also been affected. Despite these efforts, the bank failed to meet market expectations with its recent financial results. It reported a profit of £2.3bn for the three months to September, which was higher than the same period last year but slightly below forecasts. Chief executive CS Venkatakrishnan stated that the job cuts are a consequence of significant investment in technology aimed at simplifying and improving the business. He emphasised that while AI will be employed at scale, it serves as an enhancement to the existing infrastructure rather than a standalone solution.

The bank indicated that around 60% of the job cuts will affect support functions, including developer roles. Will Howlett, a financials analyst at Quilter Cheviot, commented that these measures illustrate how significantly AI and automation could reshape the banking industry in the coming years. He noted that while banks have invested heavily in technology for years, the industry is reaching a point where such investments translate into a reduced need for human staff to run the business. Barclays expects its efficiency measures to deliver an additional £1.1bn in savings by 2027.

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