Barclays plans to cut 5,000 jobs as it leans on AI to trim costs

Barclays plans to cut 5,000 jobs, and the coders are first in line. The British bank says the reductions will fall mainly on developers as it rolls out artificial intelligence and tightens its cost base. The cuts represent roughly 5% of a global workforce of 93,000. They are expected to wrap up by the end of 2026, and they arrive as part of an ongoing three-year cost program rather than as a sudden emergency move. The numbers behind the cuts The job reductions are not starting from zero. Barclays had already shed 1,000 positions in the first half of 2026, which leaves about 4,000 more to go. Around 60% of the cuts will land on support functions, a category that includes developer roles. The announcement came alongside third-quarter results. Barclays reported pre-tax profit of £2.3 billion for the quarter, up 12% year-over-year. Group income reached £7.4 billion. But the bank fell short of some analysts’ income expectations, with fixed-income trading proving a weak spot. The UK retail unit offered steadier news. Net interest income there rose 6% to £2 billion. Shares dipped after the announcement. AI is the headline, infrastructure is the story CEO CS Venkatakrishnan acknowledged th...