Rohan Paul (@rohanpaul_ai) · 10/22/2026, 21:16:29
Barclays Cuts 5,000 Jobs Citing AI Efficiency Gains
Barclays plans to cut approximately 5,000 jobs this year, representing 5% of its workforce, primarily in support functions, citing increased productivity driven by AI. Despite a 12% rise in pre-tax profit, the bank is streamlining staff to leverage prior infrastructure investments, mirroring similar efficiency-driven reductions at rivals like HSBC and Standard Chartered.
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Rohan Paul (@rohanpaul_ai) · 2026-10-22 13
WSJ: Barclays will cut about 5,000 jobs this year, roughly 5% of staff, citing AI efficiency gains.
About 1,000 of those roles went in the first half of 2026, and the rest go before year end.
Around 60% of the cuts fall on support functions, “including fewer developers as AI makes our people more productive,” said Chief Executive C.S. Venkatakrishnan.
All these while 3rd-quarter pretax profit rose 12% to £2.3B. Among rivals, HSBC is reportedly weighing up to 20,000 role cuts over the coming years, while Standard Chartered plans to shrink corporate function roles by more than 15% by 2030.
Venkatakrishnan calls AI the icing rather than the cake, because its savings depend on infrastructure built beforehand.
