Job Cuts at Barclays

British banking group Barclays Plc announced yesterday that it will cut 5,000 jobs-roughly 5% of its total workforce-as part of a "technology-enabled" cost-reduction initiative that includes the implementation of artificial intelligence (AI) within the bank, according to reports from DPA and Bloomberg, cited by Agerpres.

The bank reported quarterly earnings that fell short of analysts' forecasts, reflecting "additional headwinds from the macroeconomic environment." Revenue in the FICC (fixed income, currencies, and commodities) division dropped 19% year-on-year in the third quarter to £1.01 billion ($1.4 billion), missing analysts' expectations.

In a discussion with journalists, CEO CS Venkatakrishnan described the FICC performance as "somewhat disappointing." "We are going to implement AI at scale. But AI is the cherry on the cake, not the cake itself," the Barclays chief stated.

Barclays laid off approximately 1,000 employees during the first six months of this year, with the remainder of the cuts scheduled to take place by the end of 2026. About 60% of the job losses affect operational and functional roles. The British banking group had approximately 93,000 employees at the end of 2025.

The London-based bank stated that it is "structurally reducing" its costs to "create capacity for investment," while focusing on simplifying the organization and increasing efficiency-an effort driven by AI.

In the third quarter, Barclays reduced its costs by £201 million and plans to cut them by a further £300 million by the end of 2026.

Additionally, for the July-September 2026 period, the bank reported a pre-tax profit of £2.3 billion, a 12% year-on-year increase.