Barclays will cut around 5,000 jobs due to the development of AI

Barclays plans to cut 5,000 jobs, about 5% of its workforce, by 2026 as part of its AI adoption strategy. Approximately 60% of these cuts will impact support roles, particularly software developers, due to increased productivity from AI. The bank aims for organizational simplification and efficiency gains linked to technological changes. Barclays reported a 13% increase in net profit for Q3 2026, reaching £1.65 billion, driven by strong performance in financial markets.