Barclays plans to cut about 5,000 jobs as AI-driven efficiency measures roll out

Barclays announced a plan to reduce roughly 5,000 positions, representing about five percent of its global staff. Group chief executive CS Venkatakrishnan said the move is driven by sustained technology spending that has introduced artificial intelligence to make work processes more efficient. The cuts will be implemented over the course of the year, with a portion to be removed in the second half.

The reduction is part of a three-year performance‑boosting plan that emphasizes platform modernization, system harmonisation and simpler processes. Analysts will watch how the workforce reduction interacts with the bank’s broader restructuring of its investment banking unit.