Barclays posts higher third-quarter profit and announces £500 million buyback
Barclays pairs a 12% rise in third-quarter pre-tax profit with a £500 million share buyback.
Event / Economy
Banking Sector Job Cuts 2026
On 22 October 2026, Barclays reported third-quarter results and announced plans to cut about 5,000 full-time jobs, roughly 5% of its workforce, citing organisational simplification and AI-driven efficiency. Standard Chartered plans about 8,000 position cuts before 2030, and HSBC is considering up to 20,000 job reductions.
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2026-10-23 to 2026-10-26 · UTC publication dates
Coverage begins 23 Oct, 02:22 UTC
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What happened
About 60% of Barclays job cuts fall in support functions
Roughly 60% of the planned Barclays job cuts relate to support functions, including developers. The cuts include operational and functional roles in UK retail banking, and investment banking will also see reductions.
Barclays unveiled a cost-trimming program in February 2026
Barclays unveiled a program aimed at trimming costs in February 2026, before reporting half-year figures for 2026.
Barclays announces £500 million share buyback alongside job cuts
Barclays announced a £500 million share buyback together with its plan to cut about 5,000 jobs and its third-quarter results.
Barclays CEO describes AI as 'the icing on the cake' of its efficiency push
Barclays CEO CS Venkatakrishnan said the bank has made deep investments in technology and process simplification that are driving most of its efficiency gains so far. He said AI has an important role and may have a more important role in the future, and described AI as the icing on the cake.
Standard Chartered plans about 8,000 position cuts before 2030
Standard Chartered CEO Bill Winters announced in May 2026 that roughly 8,000 positions would be cut before 2030.
Barclays to cut about 5,000 jobs, roughly 5% of its full-time workforce
Barclays is cutting around 5,000 full-time jobs, about 5% of its workforce, as it increases its reliance on AI. The earnings presentation links the cuts to organisational simplification and technology change efficiency driven by AI.
HSBC is considering up to 20,000 job reductions in coming years
HSBC is considering job reductions of up to 20,000 positions in the years ahead.
Barclays expects to save £1.1 billion in 2027 from the restructuring
Barclays plans to save £1.1 billion ($1.4 billion) in 2027 through the job reduction and restructuring plan, according to its chief financial officer's statement on the call with analysts.
Barclays return on tangible equity is 11.7% in third quarter
Barclays' return on tangible equity was 11.7% in the third quarter of 2026, down from 16.1% in the second quarter and up from 10.6% in the same quarter a year earlier.
Barclays shares little changed in London trading after earlier dip
Barclays shares were little changed at 11:04 a.m. London time on the day of the results, having dipped earlier in the session.
Barclays to spend about £600 million on restructuring in 2026
Barclays will spend around £600 million in 2026 to reduce its expenses in later periods, about twice the amount it had previously projected.
Barclays had eliminated 1,000 roles in the first half of 2026
Barclays had already eliminated 1,000 roles during the first six months of 2026. The remaining cuts of about 4,000 positions are expected by the end of 2026.
Barclays reports £2.3 billion pre-tax profit for third quarter, up 12%
Barclays reported pre-tax profit of £2.3 billion ($3.1 billion) for the July to September 2026 quarter, a 12% increase over the same period a year earlier.
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2 alternative perspectives
Barclays to cut about 5,000 jobs in restructuring drive
Barclays is cutting about 5,000 jobs to fund restructuring and expects £1.1 billion in savings in 2027.