Barclays cutting 5,000 jobs as it increases reliance on AI
Barclays is cutting 5,000 jobs as part of a modernization plan that increasingly relies on artificial intelligence to handle administrative and programming tasks. The move has drawn criticism from labor unions, who argue the bank should prioritize retraining employees over replacement.
Why it matters
This reflects a broader trend in the financial sector where AI adoption is directly impacting workforce stability and employment strategies.
Image source, Bloomberg via Getty Images By Lucy Hooker Business reporter Published 22 October 2026, 09:00 BST Updated 5 hours ago Barclays is cutting around 5,000 staff as it introduces more artificial intelligence (AI) into its work processes.
The banking group said 1,000 posts had already been closed and it expects a further reduction of 4,000 to be complete by the end of this year, amounting to around 5% of its global workforce.
The bank's cost reductions are focused on its UK retail bank, but some back office functions for the UK are done in India, where a significant proportion of the job cuts are expected to fall.
Barclays said the changes were the result of an ongoing modernisation plan, with the use of AI being the "icing on the cake" of its strategy.
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