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Technology

Barclays to cut 5,000 jobs as AI takes over banking tasks, developers among those affected

hellohimachalse@gmail.com 22 Oct 2026 1 hour ago
British banking giant Barclays has announced plans to cut around 5,000 jobs in 2026 as it increases its use of artificial intelligence (AI) and technology to reduce operating costs. The layoffs will affect approximately 5 per cent of its global workforce. The bank has already eliminated around 1,000 positions, with another 4,000 expected to go by the end of December. The announcement came on Thursday, October 22, alongside the bank’s third-quarter financial results.

The latest round of layoffs comes as banks increasingly turn to AI to automate everyday operations, including administrative work, software development and customer services. Barclays says its investments in technology have helped employees complete certain tasks faster, allowing the company to operate with fewer workers. The job cuts come at a time when the bank is reporting higher profits, raising fresh questions about AI’s growing impact on employment.

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Why is Barclays cutting 5,000 jobs?

Barclays is undertaking a wider restructuring programme aimed at reducing expenses and improving profitability.

According to Reuters, the bank’s Chief Financial Officer Anna Cross confirmed that around 1,000 positions have already been eliminated. The remaining 4,000 reductions are expected before the end of 2026.

Approximately 60 per cent of the cuts will affect support functions, including technology teams and software developers.

The bank is increasingly using AI to automate routine processes and improve productivity. The restructuring is expected to help Barclays reduce its fixed operating costs.

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Are software developers losing jobs to AI?

Software development is among the functions facing reductions. AI coding tools can now assist employees with writing code, reviewing programmes and completing repetitive development tasks.

Barclays believes these improvements can help existing teams handle more work with fewer employees.

The layoffs extend beyond technology roles. Operational departments, administrative functions and parts of the investment banking business are affected.

The bank has not disclosed a complete country-wise breakdown of the job reductions.

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Barclays profits rise even as layoffs continue

Barclays reported a 12 per cent increase in pre-tax profit to £2.3 billion during the third quarter of 2026. Its total income increased 3 per cent to £7.4 billion.

The bank is targeting savings exceeding £1.1 billion by 2027 as part of its restructuring programme.

What does this mean for banking jobs?

The announcement reflects a growing trend across the financial industry, where banks are investing in AI to improve productivity and reduce staffing expenses.

Companies including Goldman Sachs, JPMorgan and HSBC have been reviewing staffing requirements as AI adoption expands.

Barclays’ decision shows that software development and other skilled technology roles are increasingly exposed to restructuring as companies introduce AI tools.

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