The bank said about 1,000 positions had already been eliminated, with a further 4,000 job cuts expected to be completed by the end of 2026. The reductions represent approximately five per cent of its global workforce, reports the BBC.
The cuts are concentrated largely in its UK retail banking operations, although a significant proportion is expected to affect back-office functions in India, where some administrative and operational services for the UK business are performed.
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Barclays said the reductions form part of an ongoing three-year cost-cutting and modernisation programme. While AI is expected to contribute to future efficiencies, the bank maintained that the technology is not the primary driver of the current restructuring.
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