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# Barclays will cut 5,000 jobs while profits rise. Its CEO calls AI the 'icing.'
- URL: https://www.workersrights.news/barclays-5000-job-cuts-ai/
- Published: 2026-10-23T16:42:29.000Z
- Updated: 2026-10-23T16:42:29.000Z
- Description: The UK bank says 1,000 roles are gone and 4,000 more follow by year-end, with 60% in support functions, per Reuters.
- Author: WorkersRights.News Team
- Tags: Economy

Barclays says it will cut about 5,000 jobs, roughly 5% of its staff worldwide, and its CEO credited artificial intelligence and other technology for part of the savings. The bank announced the plan on Oct. 22 alongside third-quarter results, according to Bloomberg and CNBC.

The announcement came with a profit. Reports on the results put the bank's third-quarter pretax profit at about £2.3 billion. For workers, that is the part to watch: the jobs are going while the bank is making money.

### What Barclays said

Barclays has roughly 93,000 employees worldwide, according to reports on the announcement. Chief financial officer Anna Cross told reporters that 1,000 of the posts have already gone and the other 4,000 will follow before the end of the year, according to those reports. Reuters reported that about 60% of the cuts will fall on support functions, including software developers. Computer Weekly reported the bank expects efficiency savings of £1.1 billion in 2027.

CEO C.S. Venkatakrishnan pushed back on the idea that AI alone is behind the cuts. Outlets including the Financial Times, as relayed by PYMNTS, quoted him saying AI is "icing on the cake not the cake," because the bank has to build its technology infrastructure first to get the benefits of AI. He also said not all of the cuts are due to AI.

### What the union said

Sharon Graham, general secretary of the UK union Unite, said Barclays was "using AI as an excuse to discard its loyal and long-suffering workforce," according to the BBC. She argued that employers should focus on upgrading skills so workers can stay employed as technology changes the job.

### Who is hit

Barclays is a British bank, and the reports we found do not say how many of the roles are in the United States or California. Some reports say a significant share of the reduction is expected to fall in India. Barclays also operates in New York and New Jersey, and the plan reaches software developers and other back-office staff, the kind of jobs many American banks, insurers, and tech employers also staff.

Other banks are making similar moves. According to one report, HSBC, Standard Chartered, and Danske Bank have disclosed AI-linked headcount reductions this year.

### So what for you

The uncertainty is the story. Companies can describe layoffs as an AI efficiency win, a cost cut, or both, and workers rarely get to see which. If you work in support, operations, or software at a large employer, watch for the same language in your own company's earnings calls and reorganization memos.

We condemn using a record of rising profits to justify cutting thousands of jobs without telling the people affected what comes next. If you are offered severance, do not sign right away. [Severance.law](https://severance.law/?ref=workersrights.news) explains how severance offers work and how workers negotiate them.

### Sources

- [Barclays to Cut 5,000 Jobs as AI Drives Cost Reduction Effort, Bloomberg, Oct. 22, 2026](https://www.bloomberg.com/news/articles/2026-10-22/barclays-to-cut-5-000-jobs-as-ai-starts-creating-efficiency?ref=workersrights.news)
- [Barclays to slash 5,000 jobs in AI efficiency push, CNBC, Oct. 22, 2026](https://www.cnbc.com/2026/10/22/barclays-ai-jobs-cuts.html?ref=workersrights.news)
- [Barclays to cut 5,000 jobs and employ more artificial intelligence, Computer Weekly](https://www.computerweekly.com/news/366652509/Barclays-to-cut-5000-jobs-and-employ-more-artificial-intelligence?ref=workersrights.news)
- [Barclays Plans 5,000 Job Cuts as AI Push Reshapes Operations, PYMNTS](https://www.pymnts.com/personnel/2026/barclays-plans-5000-job-cuts-as-ai-push-reshapes-operations/?ref=workersrights.news)
- [Barclays to cut 5,000 roles in AI push, Yahoo Finance](https://finance.yahoo.com/news/barclays-cut-5-000-roles-120926393.html?ref=workersrights.news)