Barclays Plans to Cut 5,000 Jobs in AI Efficiency Drive

British lender Barclays plans to cut roughly 5,000 jobs by the end of 2026 as part of an efficiency drive powered by artificial intelligence.

British bank Barclays plans to cut approximately 5,000 jobs, representing around 5% of its total workforce, by the end of 2026, CNBC and Bloomberg reported. According to the reports, the move is part of an efficiency and cost-cutting initiative driven by the adoption of artificial intelligence tools across the financial institution.

According to published data, roughly 60% of the positions to be eliminated at the bank will come from support roles and software development teams. The bank noted that the measures are designed to generate operational savings through automation.

Further details regarding the distribution of layoffs across specific divisions or their impact on the bank's international operations have not yet been released.