GBAF Logo
Global Banking & Finance Awards® 2026 Nominations open, free to enter Nominate now →
Barclays to cut 5,000 jobs this year - Finance news and analysis from Global Banking & Finance Review
Finance

Barclays to cut 5,000 jobs this year

Published by Global Banking & Finance Review

Posted on October 22, 2026

1 min read

· Last updated: October 22, 2026

Add as preferred source on Google

Barclays to Lay Off 5,000 Employees in 2024 as Cost-Saving Measure

Barclays Announces Major Workforce Reduction Amid Cost-Saving Initiatives

Overview of Barclays' Layoff Plan

LONDON, Oct 22 (Reuters) - Barclays said on Thursday it was cutting around 5,000 jobs, or 5% of its workforce, this year, as it uses technology such as AI to reduce fixed costs and improve overall returns. 

Timeline and Details of Job Cuts

One thousand of the cuts are already done and 4,000 more will come by the end of the fourth quarter, chief financial officer Anna Cross told reporters.

Reporting and Editorial Credits

(Reporting by Lawrence White; Editing by Tommy Reggiori Wilkes)

Key Takeaways

  • Barclays targets £2 billion in cost savings through deeper AI adoption and operational simplification (amlintelligence.com)
  • Bank is investing c.£500 million this year in technology and AI to modernize infrastructure and processes (investing.com)
  • AI deployment has already yielded tangible benefits, including 6,000 contact‑center hours saved and a 20% reduction in fraud‑related inbound calls (stockanalysis.com)

References

Frequently Asked Questions

How many jobs is Barclays cutting in 2024?
Barclays is cutting around 5,000 jobs, or 5% of its workforce, during 2024.
Why is Barclays making these job cuts?
Barclays is reducing staff to lower fixed costs and improve returns, using technologies like AI.
How many job cuts have already taken place?
1,000 of the planned job cuts have already been implemented.
When will the remaining Barclays job cuts occur?
The remaining 4,000 job cuts are expected to occur by the end of the fourth quarter of 2024.

Tags

Related Articles

More from Finance

Explore more articles in the Finance category