Barclays to Lay Off 5,000 Employees Due to AI Implementation

Barclays, one of the largest banks in the UK, has announced the reduction of 5,000 jobs as part of a cost-cutting program and the implementation of artificial intelligence. The layoffs will account for about 5% of the bank's total workforce, with the biggest impact on IT developers and 60% of the cuts affecting support functions. In the first half of the year, the bank already laid off 1,000 employees. CEO C. S. Venkataramanan noted that AI will be used as a tool to enhance efficiency. In the first nine months of 2026, the bank spent £307 million on restructuring processes and plans to allocate another £300 million by the end of the year. The layoff announcement coincided with the third-quarter report, where pre-tax profit rose by 12% to £2.3 billion but fell short of analysts' expectations. Revenue increased by 3% to £7.4 billion, despite a 19% decline in profits from trading fixed-income instruments. The equity trading division had its best quarter in over a decade, with revenue of £1 billion. Barclays shares fell by 2% at the start of trading but partially recovered losses.

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