Barclays CEO Says Bank Will Apply AI at Scale Amid 5,000 Total Cuts

Barclays CEO C.S. Venkatakrishnan said the bank would apply artificial intelligence at scale as it pursues a workforce reduction totaling 5,000 positions, including cuts already made this year.

The target represents about 5% of Barclays’ workforce. About 60% of the planned reductions are in support functions, including developer roles. The total includes 1,000 positions eliminated in the first half of 2026.

Venkatakrishnan compared AI with frosting on a cake, describing it as an addition to the bank’s work. The workforce target is part of Barclays’ 2026 reduction plan, which also involves changes to technology and operations.

Barclays announced a cost-reduction plan in February. Some investors reacted negatively to the cost level shown in its half-year results. HSBC is considering as many as 20,000 job cuts over the next few years, while Standard Chartered plans to reduce support positions by at least 15% by 2030.