Barclays is cutting about 5,000 jobs, or 5% of its global workforce, as it increases its use of artificial intelligence. Most cuts are in operational and functional roles, mainly in its UK retail banking, with some in investment banking.
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01Summary
- 01Barclays is cutting around 5,000 jobs this year, reducing its global workforce by 5%.
- 021,000 posts have already been closed, with a further 4,000 expected by the end of 2026.
- 03Most of the cuts target operational and functional roles, mainly in the UK retail banking arm.
- 04The investment banking division will also be affected.
- 05The bank said the cuts result from investments in technology and AI making work processes more efficient.
02Why it matters
This matters because it shows how AI is reshaping employment in the financial sector, potentially affecting job security and the types of skills banks will require. It also indicates a broader trend of automation in banking that could lead to further cuts across the industry.
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