Barclays Plans to Lay Off About 5,000 Employees This Year

Barclays plans to lay off about 5,000 employees by 2026, accounting for approximately 5% of its global workforce. The company had about 93,000 employees at the end of 2025.

Chief Financial Officer Anna Cross stated that 1,000 positions have already been cut in the first half of the year, with the remaining approximately 4,000 to be completed by the end of the year. About 60% of the cuts will involve support functions, including developers.

Group CEO CS Venkatakrishnan mentioned that the layoffs are a result of years of investment in technology and process simplification. He noted that artificial intelligence will be used at scale, but it is "the icing on the cake rather than the cake itself."

Cost reductions will mainly focus on the UK retail banking business. The company has taken about £200 million in structural cost actions in the third quarter, totaling around £600 million for the year.

This news was announced alongside the third-quarter results, which showed a pre-tax profit of £2.3 billion, a 12% increase year-on-year. Revenue from fixed income trading fell by 19%.

In terms of market mechanisms, technological modernization and cost control are driving workforce reductions. Beneficiaries are those focused on cost savings and improved returns, while those under pressure are support and development roles.

Source: Public Information