Story perspectives

Barclays to Cut 5,000 Jobs by Year-End 2026

By Drooid · Oct 22, 2026, 11:57 AM UTC · How we work

Summary

Story summary

Barclays will cut 5,000 jobs, about 5% of its global workforce, by year-end 2026.
CEO CS Venkatakrishnan said the cuts stem from investments in technology and artificial intelligence.
Around 60% of the jobs target support functions such as developers, mainly in operational areas.
Barclays cut £200 million in structural costs this quarter and plans another £300 million by year-end.

History

Historical Context

The 2008 global financial crisis, highlighted by Lehman Brothers’ September 2008 bankruptcy, forced UK banks such as Barclays, HSBC, RBS and Lloyds to cut roughly 120,000 jobs from 2008-2010. Today, CS Venkatakrishnan’s announcement of a 5,000-person reduction mirrors that post-crisis downsizing as banks again reshape workforces amid AI investments and cost-saving measures.

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Story summary

Barclays will cut 5,000 jobs, about 5% of its global workforce, by year-end 2026.
CEO CS Venkatakrishnan said the cuts stem from investments in technology and artificial intelligence.
Around 60% of the jobs target support functions such as developers, mainly in operational areas.
Barclays cut £200 million in structural costs this quarter and plans another £300 million by year-end.

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