The British banking group Barclays has confirmed an organic reorganization plan that involves the elimination of approximately 5 thousand job positions by the end of 2026, equal to approximately 5% of the global workforce. The announcement came in conjunction with the presentation of the financial data for the third quarter of 2026, which closed with a net profit growing by 13%: 1.6 billion pounds (approximately 1.9 billion euros). The reduction in staff, in fact, is part of a multi-year strategy of cost containment and operational efficiency driven “by the large-scale adoption of new technologies”.
A gradual cut plan
The downsizing of the bank’s workforce includes approximately one thousand positions already eliminated in the first six months of the year, while the remaining 4 thousand exits will be completed by the end of 2026. The intervention mainly affects the retail banking division in the United Kingdom and the back-office and administration structures, with a significant impact on the operational offices located in India. Part of the reductions also involves the investment banking division. The transaction aims to generate structural savings as part of a three-year efficiency program aimed at reducing the group’s operating cost base.
The role of artificial intelligence
During the presentation of the results to investors, CEO CS Venkatakrishnan clarified the motivations driving the restructuring, focusing on the impact of digital tools. The manager explained that the adoption of artificial intelligence and automation allows the same operational activities to be carried out “with fewer employees”, increasing global productivity. However, Venkatakrishnan has debunked readings that attribute the cuts exclusively to technology, defining artificial intelligence “as a complementary element within the broader process of corporate simplification”.
Criticism from the unions
The group’s quarterly data show a solid balance sheet supported by the interest margin and trading activities, elements that have allowed it to launch a new share buyback program. The coincidence between the increase in profits and the announcement of the cuts, however, has raised criticism from trade union representatives in the banking sector. The institute is accused of using technological innovation to justify reductions in staff numbers rather than investing in the professional retraining of internal staff.