Barclays Plc has announced plans to cut about 5,000 jobs, representing about five percent of its global workforce, by the end of 2026 as part of a broader efficiency programme driven by artificial intelligence.

The British lender disclosed the job cut plan on Thursday, October 22, 2026, alongside its third-quarter earnings report, where it described the move as part of its ongoing organisational simplification and technology-led efficiency measures driven by AI.

According to the bank, about 60 percent of the affected roles are in support functions, including technology developers, as automation and AI tools improve productivity and reduce the need for manual processes. Barclays, which had about 93,000 employees globally as of December 31, 2025, said it had already eliminated about 1,000 roles in the first half of 2026, with the remaining 4,000 cuts expected to be implemented before the end of the year.

The announcement came as Barclays reported resilient third-quarter earnings, buoyed by strong performance in its equities business despite weaker trading in fixed income. The bank reported profit after tax of £1.65 billion, about $2.2 billion, in the third quarter of 2026, up 13 percent from £1.46 billion recorded in the corresponding period of 2025, while total group income rose three percent to £7.37 billion, driven by a 47 percent year-on-year surge in equities revenue.

In contrast, revenue from fixed income, currencies and commodities trading declined by 19 percent to £1.01 billion, below analysts’ expectations, reflecting subdued client activity in rates and credit markets.

Commenting on the results, Chief Executive Officer, C.S. Venkatakrishnan, said the bank sustained its operational and financial momentum during the quarter, with its investment banking division delivering strong equities performance.

On the role of AI in the bank’s future operations, Venkatakrishnan said, “We will employ AI at scale. But AI is the icing on the cake, not the cake,” stressing that technology will complement rather than replace the core business.

The bank also disclosed that it is intensifying its cost discipline to create capacity for strategic investment, having realised £201 million in cost savings in the third quarter and targeting an additional £300 million in savings in the fourth quarter.