Barclays will cut approximately 5,000 jobs

Barclays plans to cut around 5,000 jobs by the end of 2026, representing roughly 5% of its total workforce.

The bank is seeking to reduce costs through wider use of artificial intelligence and automation. About a thousand positions have already been eliminated. Around 60% of the changes will affect support functions, including software specialists.

Barclays announced the job cuts when releasing its third-quarter results. The bank's pre-tax profit rose 12% to reach £2.3 billion, although the result fell short of analysts' expectations. Costs related to the reorganization amounted to £201 million.

Investment bank revenue reached £3.1 billion. Revenue from equities trading rose 47%.

Another source of uncertainty for the bank is the UK's upcoming budget, as the government has not ruled out raising taxes on the banking sector.

Source: Reuters