Barclays to Cut 5,000 Jobs, India May Be Hit

British banking giant Barclays is set to cut around 5,000 jobs as it steps up efforts to modernise its operations and expand the use of artificial intelligence (AI). The move could also affect employees in India, where some of the bank’s UK back-office operations are handled.

The bank has already eliminated around 1,000 positions and plans to cut another 4,000 by the end of 2026. The total reduction represents approximately 5% of its global workforce.

Around 60% of the job cuts are expected to affect support functions, including development roles. While the cost-cutting programme is mainly focused on Barclays’ UK retail banking business, its investment banking division is also affected. A significant share of the impact could fall on India-based operations.

Barclays CEO CS Venkatakrishnan said technology investments are helping simplify and improve the bank’s business. He indicated that AI would play an increasingly important role, while stressing that the technology alone was not responsible for the restructuring.

The announcement comes as banks worldwide look for ways to improve efficiency through automation and AI. Financial institutions have invested heavily in technology, and companies are increasingly looking to translate those investments into lower operating costs.

Barclays reported a profit of £2.3 billion for the three months ending in September, higher than the same period last year but slightly below market expectations.