Barclays to cut around 5,000 jobs by end of year in AI push
Barclays plans to cut around 5,000 roles, about 5% of its global workforce, by the end of the year, mainly back-office and support jobs, as it uses more AI to cut costs.
The Full Story
A plain summary built from the channels that reported this story.
Barclays plans to cut around 5,000 jobs worldwide by the end of the year, about 5% of its global workforce, as it increases its use of artificial intelligence and technology to cut costs. The bank has already removed around 1,000 roles this year and expects another 4,000 to go before the end of the year.
Barclays employs about 93,000 people worldwide, though other reports put the figure at almost 100,000, including 44,000 in the UK. The bank has not given a full country-by-country breakdown. Reports suggest the cuts will fall heavily on back-office, support and developer roles. A significant share is expected to be outside the UK, including in India. The bank has suggested the changes will not directly affect frontline branch staff, but it has not given detail on high street closures.
The cuts are part of a drive to save more than £1 billion. AI is central to the plan. Barclays' chief executive described AI as 'the icing on the cake' of a wider efficiency drive, while also saying the bank would employ AI at scale and that AI was 'the icing on the cake, not the cake'. The bank already uses AI in some customer interactions online, in its apps and in call centres. The shift is likely to mean fewer human interactions and more automated services. Barclays has closed 800 high street branches since 2018 and has 206 left.
The jobs announcement came with quarterly results. Barclays made £2.3 billion in pre-tax profit in the three months to September, 12% more than a year earlier. It plans to return £500 million to shareholders. One report said the profits fell short of expectations. The bank and its rivals are also preparing for next week's budget. The surcharge on banking profits was cut from 8% to 3% in 2023, and the Chancellor is expected to reverse some or all of that reduction.
Unions are worried about the pace of change. Their concern is that banks will be able to do the same work with far fewer people as AI improves. The bank has not said how far AI will replace human judgement, and analysts noted that AI is still in its infancy. The cuts have also prompted a wider debate about the labour market. A viewer said older workers were being filtered out by AI recruitment tools, and one contributor described applying for dozens of jobs without hearing back. Coverage cited an increase of just under 1% in unemployment among 50 to 60 year olds over the past year and US research suggesting workers in jobs highly exposed to AI had seen earnings fall behind by about 19%. It also noted that a report on keeping older people in work had recommended a focus on retention.
On screen
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Key Claims
Claims reported during this story's coverage, grouped by how many channels reported each one. Select a dot to see the source excerpt.
| Claim |  |  |  |  |  |  |
|---|---|---|---|---|---|---|
| Widely reported · 5 or more of 6 channels | ||||||
| Barclays planned or was expected to cut around 5,000 jobs this year, with the reductions expected by the end of the year. | ||||||
| Reported by a few · 2–4 channels | ||||||
| Barclays was turning to AI to streamline operations, reduce costs and improve efficiency, with AI central to the job cuts. | Reported by BBC One | Not reported by BBC Two | Not reported by ITV | |||
| About 60% of the job cuts affect support roles, including a reduction in developer positions. | Not reported by Channel 5 | Not reported by BBC News | Not reported by BBC Two | Not reported by Channel 4 | ||
| Barclays made £2.3 billion in the last three months, with £500 million going back to shareholders. | Not reported by Channel 5 | Not reported by BBC News | Not reported by BBC Two | Not reported by Channel 4 | ||
| Barclays' chief executive described AI as an added benefit of the bank's efficiency drive. | Not reported by Channel 5 | Not reported by BBC One | Not reported by BBC Two | Not reported by Channel 4 | ||
| The bulk of the cuts were in Barclays' UK retail banking arm, with many expected to be back-office support roles in locations such as India, and no detail yet on high street branch closures. | Not reported by Channel 5 | Not reported by BBC News | Not reported by BBC Two | Not reported by Channel 4 | Reported by ITV | |
| The job cuts formed part of a drive to save more than £1 billion this year. | Not reported by Channel 5 | Reported by BBC One | Not reported by BBC Two | Not reported by Channel 4 | Not reported by ITV | |
| Only on one channel | ||||||
| Barclays had not revealed how many UK roles would be cut. | Not reported by BBC News | Not reported by BBC One | Not reported by BBC Two | Not reported by Channel 4 | Not reported by ITV | |
| Unemployment among people aged 50 to 60 rose by just under 1% over the past year. | Not reported by Channel 5 | Not reported by BBC News | Not reported by BBC One | Not reported by Channel 4 | Not reported by ITV | |
| US research found that workers in jobs highly exposed to AI saw earnings lag behind by about 19%. | Not reported by Channel 5 | Not reported by BBC News | Not reported by BBC One | Not reported by Channel 4 | Not reported by ITV | |
Channel Perspectives
What each channel focused on, with key quotes.
It led on the job numbers and the business rationale, with a detailed breakdown of where the cuts may fall and how AI fits into branch and back-office changes. The tone was factual and market-focused, linking the announcement to Barclays' profits, shareholder returns and next week's budget.
- “they're planning to cut 5,000 staff this year”
- “The bank employs about 93,000 people across the world.”
- “Probably means even less interaction with real people, more chatbots, that sort of thing.”
A short summary item that treated the cuts as a straightforward AI efficiency story and gave the workforce percentage. It did not examine the UK impact or the bank's profits, and moved on quickly to other news.
- “Barclays says it expects to cut around 5,000 staff, that's 5% of its workforce, by the end of the year as AI makes the bank more efficient.”
- “Around 1,000 rolls were cut in the first half of the year, the rest will be spread out over the second half.”
It gave the cuts a brief lunchtime slot and focused on AI streamlining and cost reduction. It was careful to say the company had not revealed how many UK roles would go.
- “Barclays is to cut around 5,000 jobs this year as it turns to artificial intelligence to streamline operations and reduce its costs.”
- “The company hasn't revealed how many of the roles will be axed here in the UK.”
It used a business correspondent to explain the scale and likely location of the cuts, including UK retail operations and back-office roles in India. It also set the announcement against profits, shareholder payouts and the coming budget.
- “AI is front and centre here.”
- “The boss of Barclays this morning described it as the icing on the cake as part of a recent efficiency drive.”
- “Barclays employs 93,000 people across the world, so it amounts to about 5% of its global workforce.”
It reported from outside a central London branch and put the cuts in the context of Barclays' three-year efficiency strategy. It highlighted support and developer roles and the chief executive's AI comment, while also reporting the rise in profits.
- “about 60% of these jobs are in support roles Including reducing its number of developers”
- “AI means some of the Processes the bank uses can now be run more efficiently so they can afford to employ fewer people in those areas”
- “its group CEO has called AI the icing on the cake”
It offered a more cautious evening analysis, stressing how little is known about the UK impact and the extent to which AI will replace human judgement. It noted union worries and framed the cuts as a possible sign of a much bigger shift in banking work.
- “It's the job losses that are getting all of the attention.”
- “We don't also know the degree to which artificial intelligence will be replacing human intelligence.”
- “The Barclays boss told journalists this morning, we will employ AI at scale, but AI is the icing on the cake, not the cake.”
It treated the Barclays move as a starting point for a wider debate about AI, work and older workers. The discussion was more speculative and policy-focused, with warnings about long-term job disruption and the difficulties faced by people in their 50s and 60s.
- “5,000 job losses announced by Barclays today is just a small sign of what's to come.”
- “It will dwarf the industrial revolution by comparison, it will change every facet of our life.”
- “I think we're probably looking at the first canaries in the coal mine here.”
Broadcast Timeline
News broadcasts tracked for this story, in time order.