Barclays announced it will cut roughly 5,000 positions, representing about 5% of its worldwide workforce, as part of a push to embed more artificial intelligence into its processes.

The bank has already closed 1,000 roles and expects the remaining 4,000 cuts to be completed by the end of 2026, with the majority affecting its UK retail banking arm and back‑office functions located in India.

Barclays described the AI deployment as “the icing on the cake” of a broader modernisation plan that includes significant technology investment to simplify and improve its business.

According to Group chief executive CS Venkatakrishnan, the cuts stem from the bank’s technology spending and the need to build infrastructure that will enable AI to deliver future benefits.

Industry analysts note that the move follows similar AI‑related job reductions announced by HSBC, Standard Chartered and Danske Bank, and could signal broader restructuring across the banking sector.

Barclays projects its efficiency programme, bolstered by AI, will generate an additional £1.1 billion in savings in 2027, after reporting a £2.3 billion profit for the three months to September, slightly below forecasts.

Union representatives, including Unite’s general secretary Sharon Graham, have criticised the cuts, accusing the bank of using AI as a pretext to shed long‑serving staff rather than upskilling them.