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Barclays expects to cut around 5,000 jobs by the end of 2026 after artificial intelligence adoption boosted operational efficiency.

The staff reductions represent roughly five per cent of the bank's global workforce, primarily impacting operational and functional roles.

Group chief executive CS Venkatakrishnan attributed the decision to ongoing investments in technology, which have reduced the need for certain positions such as developers.

The banking group executed £200 million in structural cost savings during the third quarter, taking its total cost-cutting measures for the year to £600 million.

Despite the job cuts, Barclays reported a 12 per cent rise in third-quarter pre-tax profits, reaching £2.3 billion.

In full Barclays to cut 5,000 jobs by end of year after AI drive

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