At Barclays, “Support Functions” Now Means 60% of 5,000 Job Cuts
Around 60% of Barclays' planned cuts fall in support functions, including developers. Technology such as AI is part of the bank's wider cost push.
Layoffs · · 1 view
“I am disappointed,” Barclays CEO C.S. Venkatakrishnan said about fixed-income trading. Third-quarter profit rose 12% to £2.3 billion, but missed analysts’ forecasts after weak rates and credit trading.
The same results update laid out around 5,000 job cuts this year, or about 5% of the workforce. CFO Anna Cross said roughly 60% will affect support functions, including developers. The word “support” is doing double duty as a department label and a guide to where the cuts land.
Barclays says technology, including AI, is part of the wider fixed-cost drive. About 1,000 roles have already gone; the remaining 4,000 are expected by year-end. The bank also recorded £201 million in structural cost actions in the third quarter.
Based on: Barclays to slash 5,000 jobs in AI-powered cost-cutting drive, Reuters, October 22, 2026; Barclays is latest to redirect spending toward AI as it trims its workforce, The Associated Press, October 23, 2026.