Barclays to Cut 5,000 Jobs in 2026 as AI Boosts Productivity, CFO Cross Says

Barclays will eliminate roughly 5,000 full-time positions this year, about 5% of its workforce, with cuts concentrated in support functions such as developer roles as artificial intelligence lifts productivity, CFO Anna Cross said Thursday. The British bank reduced headcount by about 1,000 in the first half, leaving roughly 4,000 jobs to be shed by December. About 60% of the cuts fall in support functions. Barclays has spent £307 million ($410.5 million) on restructuring over the first nine months of 2026 and expects another £300 million by year-end, bringing the total to more than £600 million — roughly double its earlier estimate. Cost guidance for 2027 and 2028 is unchanged, Cross said. The announcement accompanied third-quarter results showing a 19% year-over-year decline in fixed income and currency trading revenue, which CEO C.S. Venkatakrishnan called "disappointing." Quarterly profit rose 12% to $3.1 billion, while equities trading revenue jumped 47%.