Barclays plans to cut 5,000 jobs, about 5% of its global workforce of 93,000, mainly in development and support roles. The plan is due to be completed by the end of 2026, following 1,000 cuts already made in the first half, and aims to generate more than £1.1 billion in gross efficiency savings by 2027. The bank recorded £201 million in cost reductions in the third quarter and expects another £300 million in the fourth quarter. Despite the cost-cutting programme, the bank reported a 12% rise in pre-tax profit to £2.3 billion, although group income of £7.4 billion fell short of some analysts’ expectations because of weakness in fixed-income trading. Shares dipped after the announcement, while CEO CS Venkatakrishnan said productivity gains would depend more on investment in technology infrastructure than on artificial intelligence alone.
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