Barclays is implementing a restructuring plan to cut 5,000 jobs, representing approximately 5% of its 93,000 global workforce. The bank has already eliminated 1,000 positions in the first half of 2026 and expects to complete the remaining reductions by the end of 2026. Support functions, including developer roles, will account for 60% of these cuts.
The initiative is part of a three-year cost-reduction program aimed at achieving over £1.1 billion in gross efficiency savings by 2027. In the third quarter of 2026, the bank realized £201 million in savings and targets an additional £300 million for the fourth quarter. CEO CS Venkatakrishnan stated that these efficiencies stem from infrastructure investments alongside the integration of artificial intelligence.
Financial results for the third quarter showed a pre-tax profit of £2.3 billion, a 12% year-over-year increase, with group income reaching £7.4 billion. Despite these figures, the bank missed some analyst income expectations due to weak performance in fixed-income trading. The UK retail unit reported a 6% rise in net interest income to £2 billion.
