# Barclays plans 5,000 job cuts amid £1.1bn savings drive

- URL: https://talkfuse.com/story/barclays-to-cut-5000-jobs-as-banks-bosses-hail-ai-productivity-advances/
- Published: 2026-10-22T08:40:42+00:00
- Updated: 2026-10-22T09:07:24+00:00
- Original publisher: The Guardian (publisher lean: Left)
- Original article: https://www.theguardian.com/business/2026/oct/22/barclays-profits-up-as-uk-banks-brace-for-tax-increase-in-budget
- Topics: AI, Art, Business, Culture, Economy, Software, Technology

## Key points

- Barclays plans to cut 5,000 jobs to help save more than £1.1bn.
- Executives say technology improvements drive most efficiency gains so far.
- Quarterly pre-tax profits rose 12% to £2.3bn.

## Summary

Barclays plans to cut about 5,000 jobs as part of a wider drive to save more than £1.1bn in 2027, with executives citing technology improvements and AI’s growing role in boosting productivity. The cuts amount to roughly 5% of its 93,000 global staff and come as the bank reported higher profits and announced another £500m for shareholders.

Chief financial officer Anna Cross said around 60% of the planned reductions would affect support functions, including developer roles; about 1,000 workers have already left this year. Chief executive CS Venkatakrishnan said technology modernisation is behind most efficiency gains so far, with AI contributing and potentially becoming more important. Barclays made £2.3bn in pre-tax profit in the July-to-September quarter, up 12% year on year, and its UK retail net interest income rose 6% to £2bn. The figures come ahead of a 28 October budget in which the government is expected to increase taxes on banks, while unions argue lenders should contribute more.

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Summarised by TalkFuse (https://talkfuse.com/). Quote the original publisher for the reporting and link this page for the summary and discussion.