Multinational bank Barclays to fire 5,000 workers to reduce costs, says AI creating efficiency

British multinational bank Barclays has announced plans to cut 5,000 jobs globally, representing about five per cent of its total workforce, by Christmas as it seeks to integrate more artificial intelligence technology into its operations.

The decision was confirmed on Thursday after the bank reported third-quarter revenue that fell short of several key targets, as Barclays’ bond traders recorded the biggest decline on Wall Street during the period.

Barclays’ chief financial officer Anna Cross disclosed that 1,000 jobs had already been cut and the bank plans to lay off an additional 4,000 staff before December 25, citing efficiency from artificial intelligence as the reason.

Barclays employed around 93,000 people globally at the end of 2025.