Barclays Job Cuts: 5,000 Roles as Profits Rise

Barclays plans to cut about 5,000 jobs in 2026, around 5% of its global workforce, as it pursues cost savings despite rising profits. About 1,000 positions have already been eliminated, with roughly 4,000 more expected to go by year-end. Around 60% of the planned job cuts are in support functions, including some software development roles; Barclays has not said how many developers will be affected or attributed all the reductions to AI. Third-quarter pre-tax profit rose 12% year on year to £2.3 billion, while revenue increased 3% to £7.4 billion. Earnings per share rose 18%, and the cost-to-income ratio improved to 62% from 63%. Fixed-income, currencies and commodities revenue fell 19%, while equities trading revenue climbed 47%. Barclays recorded £201 million in structural cost actions during the quarter and expects a further £300 million in the fourth quarter. It is targeting about £1.1 billion in additional efficiency savings in 2027, with total group costs forecast at £18.5 billion in 2026 and £18.4 billion in 2027. The job cuts underline banks’ push to streamline operations and invest in technology. The news has no direct implications for a specific cryptocurrency, though traders may view it as part of the broader financial-sector and technology trend.