In brief
Barclays is cutting around 5,000 jobs, about 5% of its global workforce, with 1,000 posts already closed and 4,000 more to be completed by the end of 2026.
More than 16,000 Barclays staff use Claude, and AI systems process about 120,000 emails a day, according to Mediafax.
Third-quarter pre-tax profit rose 12% to £2.3bn from £2.1bn a year earlier, alongside a £500m share buyback.
Equities trading revenue rose 47% while fixed-income trading fell 19%, and investment bank income reached £3.1bn.
The cuts and their timing
Barclays is cutting around 5,000 roles this year, about 5% of its global workforce, as it puts more artificial intelligence into its processes. The bank said 1,000 posts have already been closed and that a further 4,000 reductions should be completed by the end of 2026. According to Mediafax, which cited Reuters, chief financial officer Anna Cross gave the same schedule, with the remaining 4,000 roles set to disappear by the end of the year's final quarter. Handelsblatt reported that Barclays employed about 93,000 people worldwide at the end of 2025. Most of the affected jobs are operational and functional, with the largest share in UK retail banking, although the investment bank will also be affected.
- Posts already closed
- 1000 jobs
- Further cuts due by end of 2026
- 4000 jobs
Data from the article text
How AI fits into the plan
Barclays attributes the reductions to investment in technology, saying AI is making some work processes more efficient. Handelsblatt reports that the bank intends to lower its costs structurally in order to free up capacity for investment, with a simpler organisation and AI-driven efficiency gains at the centre of its presentation. Mediafax says more than 16,000 Barclays staff already use Claude, an AI assistant developed by Anthropic, which the bank expanded in early October 2026. The same report says AI systems process about 120,000 emails a day, reducing the volume of repetitive work. The bank aims for half of its staff who develop software to use Claude Code by the end of 2026. Barclays has not said how many of the eliminated posts will be replaced directly by automation.
Third-quarter profit and buyback
Pre-tax profit rose 12% to £2.3bn in the July to September quarter, compared with £2.1bn a year earlier. Il Sole 24 Ore describes that figure as in line with the average analyst forecast of £2.4bn, while Bloomberg reported that the quarter missed several key estimates. Handelsblatt, by contrast, says the result roughly matched analyst expectations. The bank also announced a share buyback worth £500m and plans total shareholder payouts of £2.8bn this year. Its common equity tier 1 ratio stood at 14.2%, and return on tangible equity reached 11.7% in the third quarter. Chief executive C. S. Venkatakrishnan said he was pleased with the bank's continued operational and financial momentum, and that Barclays is on track to meet, or has already met, all of its 2026 targets.
- Q3 2025
- 2.1 £bn
- Q3 2026
- 2.3 £bn
Data from the article text
Trading divisions
The investment bank booked income of £3.1bn, slightly below analyst estimates, according to Handelsblatt. Equities trading revenue rose 47%, beating the 37% average gain posted by the five largest US banks. Fixed-income trading revenue fell 19%, a steeper decline than at its US rivals. The equities gain was the strongest of the bank's trading lines in the quarter.
- Equities trading
- 47 %
- Fixed-income trading
- -19 %
Data from the article text
What comes next
The 4,000 remaining reductions are scheduled to be completed by the end of 2026. Barclays' results opened the earnings season for major European banks. Il Sole 24 Ore notes that the first budget from finance minister John Healey is scheduled for 28 October and could introduce extra taxes on banks, which may overshadow the results of British lenders.