Barclays to Cut 5,000 Jobs Globally Over AI Push

British multinational bank Barclays is set to eliminate 5,000 jobs worldwide by Christmas as it expands the use of artificial intelligence (AI) to improve operational efficiency.

The planned workforce reduction represents about five per cent of the bank’s total employees.

The decision was confirmed on Thursday following the bank’s third-quarter financial results, which showed revenue falling short of several key targets.

Barclays’ bond trading business also recorded the steepest decline among Wall Street banks during the period.

The bank’s Chief Financial Officer, Anna Cross, said 1,000 jobs had already been eliminated, while another 4,000 positions would be cut before Dec. 25.

Cross attributed the planned reductions to efficiency gains associated with the adoption of artificial intelligence technology.

Barclays had approximately 93,000 employees worldwide at the end of 2025.