Barclays announced plans to cut 5,000 jobs, representing approximately 5% of its total workforce. About 60% of these reductions will impact support functions, including software development roles, as the bank restructures its operations. This follows the elimination of 1,000 positions during the first half of 2026.
The bank reported a third-quarter pretax profit of £2.3 billion, which is a 12% increase year-over-year but fell short of analyst expectations of £2.42 billion. Revenue reached £7.4 billion, reflecting a 3% growth. While fixed-income trading revenue dropped 19%, equities revenue rose 47% to reach £1 billion.
Restructuring costs totaled £307 million in the first nine months of 2026, with an additional £300 million in expenses expected by the end of the year. These funds are allocated toward workforce reductions, technology investments, and operational model changes.
The bank is integrating AI tools, including Anthropic’s Claude Code, which half of its software developers are expected to use by the end of 2026. Additionally, over 16,000 UK employees use an internal knowledge assistant, and AI models process 120,000 client emails daily within the Global Markets division.
