Add as a preferred source on GoogleBarclays Targets £2 Billion in Savings Alongside Technology Overhaul
The plan calls for about 5,000 workforce reductions in 2026, with roughly 60% affecting support functions, including developers.
Barclays plans to reduce its workforce by about 5,000 full-time employees in 2026 as it pursues more than £2 billion in gross efficiency savings through 2028 with changes to technology and operations across the bank.
Roughly 60% of the planned actions affect support functions, including developer roles. The 2026 workforce reduction plan is part of a broader effort to standardize data, modernize infrastructure and align processes.
Artificial intelligence is one element of the effort. Barclays Group Chief Executive C. S. Venkatakrishnan said, “We will employ AI at scale where AI is the icing on the cake, not the cake.”
The bank targets more than £2 billion in gross efficiency savings over the three-year period from 2026 through 2028. It reported £201 million in structural cost actions in the third quarter and plans about £300 million in the fourth quarter.
Barclays projects total costs of about £18.5 billion in 2026 and £18.4 billion in 2027.
John Kim
John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.