The essentials
Barclays is cutting about 5,000 jobs to fund restructuring and expects £1.1 billion in savings in 2027.
Barclays plans to cut about 5,000 jobs, or roughly 5% of its full-time workforce, as part of a restructuring program. About 60% of the job cuts fall in support functions.
The bank had already eliminated 1,000 roles in the first half of 2026. The cost-trimming program was unveiled in February 2026.
Barclays expects to spend about £600 million on restructuring in 2026 and to save £1.1 billion in 2027. The bank's chief executive has described artificial intelligence as "the icing on the cake" of the efficiency push, a phrase that places AI as a supplementary element rather than the central driver of the savings.
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Savings target of £1.1 billion set against £600 million outlay
From a cost perspective, the program pairs roughly £600 million of 2026 restructuring spending with an expected £1.1 billion in savings in 2027. The outlay comes first and the projected savings follow a year later, so the plan's financial return will become clearer as the savings are realized.
Support roles account for most of the Barclays cuts under way
Looking at who is affected, about 60% of the roughly 5,000 planned reductions sit in support functions, leaving the remaining 40% outside that category. The 1,000 roles already eliminated in the first half of 2026 show that the reductions are already underway rather than only planned.