Barclays will shed about 5,000 jobs by the end of 2026, roughly 5% of its staff, as it leans on technology, AI among it, to trim fixed costs, the bank said Thursday with its third-quarter earnings.
Chief Financial Officer Anna Cross told reporters that 1,000 have already gone, with the rest due by year-end. Support functions, developers among them, will absorb about 60% of the cuts. Barclays employed about 93,000 people at the end of 2025.
CEO C.S. Venkatakrishnan downplayed AI, describing it as “the icing on the cake” and crediting years of technology spending. Most of the cuts hit operational and functional roles, he said. Structural cost actions totaled £201 million in the quarter, up from £93 million a year earlier, and Barclays plans another £300 million in the fourth quarter.
Third-quarter pre-tax profit rose 12% to £2.3 billion but missed analyst forecasts, with weak fixed income trading to blame. Fixed income revenue fell 19% to £1 billion against the £1.3 billion analysts expected, and investment bank income reached £3.1 billion against a £3.3 billion forecast. Equities revenue rose 47%.
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“I am disappointed, and you can be sure this will get my attention,” Venkatakrishnan said of trading. Barclays announced a £500 million buyback, and its shares fell in early London trading.
Chancellor John Healey presents his first Budget on October 28, and higher bank taxes remain possible.
