The British bank Barclays obtained a net profit attributable of £5.837 billion (€6.959 billion) between January and September 2026, which represents an increase of 17% compared to the same period of the previous year. At the same time, the entity has announced a cut of around 5,000 positions, equivalent to about 5% of its global workforce.
When presenting the accounts for the third quarter, Barclays detailed its plan for a "structural reduction of the cost base" in order to free up resources for new investments, relying on technology to execute the adjustment of about 5,000 jobs.
The bank has quantified the structural savings measures undertaken in the third quarter of 2026 at £201 million (€240 million) and another £300 million (€358 million) expected for the last quarter of the year.
With these actions, Barclays estimates that the total group expenditure will be around £18.500 billion (€22.056 billion) in the fiscal year 2026 and will be around £18.400 billion (€21.936 billion) in 2027.
In a call with analysts, Barclays CEO C. S. Venkatakrishnan emphasized that, although the bank plans to deploy AI on a large scale, "AI is the cherry on top, not the cake."
For her part, the bank's CFO, Anna Gross, recalled that in the last two years the bank has achieved annual gross savings of about £700 million (€835 million).
"This was our forecast for the period 2026-2028. After having increased it only for 2026, we expect gross savings of over £1.100 billion (€1.311 billion) in 2027. These measures imply a projected reduction of approximately 5,000 full-time employees," she indicated.
Gross added that around 60% of the group's initiatives affect support functions, including a reduced number of developers, "as AI increases the productivity of our staff," an aspect she considers particularly significant in Barclays UK, where actions to reduce structural costs planned for 2026 have intensified.
"This is possible thanks to the improvement of customer service technology, which has reduced the volume of calls in call centers by 10% over the past year, while technological improvements within these centers have increased employee productivity," he pointed out, also highlighting that changes in the staffing model of branches have cut the workforce per office by approximately 10% in the last year.
The announcement from Barclays adds to other similar moves in British banking that link staff reductions with greater investment in advanced technologies such as artificial intelligence. In May, Standard Chartered announced a plan to eliminate 7,000 jobs by 2030 in light of the acceleration of technological changes.
Unions criticize the layoff plan
The Unite UK union has expressed its strong opposition to the elimination of positions and has demanded that the entity ensure that the introduction of new technological tools also benefits the workforce, and does not merely replace it.
"Employers should focus on improving their employees' skills so that they retain their jobs as new technologies transform the work environment. Instead, Barclays has opted for a short-sighted and impulsive approach. Unite is working with its members to find the best way to reverse this harmful announcement," said Unite's General Secretary, Sharon Graham.
The union organization has acknowledged the need to incorporate new technologies into the labor market, but insists that they should not be used against workers or serve as an excuse to justify layoffs in the name of efficiency. In particular, it emphasizes that the financial sector is one of the most impacted by the advancement of AI.
"Unite is engaging in urgent and frank negotiations with Barclays. We will also offer support and guidance to our members in these difficult times. Barclays needs to implement measures to train and adapt its employees to new technologies, including artificial intelligence. As part of the Financial Sector Skills Pact, it should not cut jobs," asserted Unite's National Finance Officer, Rick Coyle.
Results and forecasts of Barclays
Barclays announced this Thursday that its net attributable profit until September stood at £5.837 billion (€6.959 billion), 17% more than in the first nine months of 2025.
The bank's revenue was £23.866 billion (€28.453 billion), representing an increase of 8.2% compared to the income recorded until September of the previous year. In that same period, the entity cut provisions for insolvencies by 9%, down to £1.897 billion (€2.262 billion).
Between July and September, Barclays obtained a net attributable profit of £1.646 billion (€1.962 billion), 13% more year-on-year, while revenues rose to £7.365 billion (€8.780 billion), 2.8% above the same period of 2025.
"I am pleased with the continued momentum of Barclays' operational and financial performance, with a RoTE of 11.7% in the third quarter of 2026 and 13.8% year-to-date," declared C. S. Venkatakrishnan, CEO of Barclays, highlighting that the cost-to-income ratio fell from 63% to 62%.
"With one quarter left until the end of our original three-year plan, we have achieved or are on track to achieve all our Group objectives for 2026," he added.
Looking ahead to the coming years, the bank aims to achieve a RoTE above 12% and return at least £10 billion (€11.922 billion) to shareholders between 2024 and 2026 through dividends and share buybacks, with estimated revenues of £31.500 billion (€37.554 billion) in the fiscal year.
By 2028, the entity expects to exceed a RoTE of 14% and return more than £15 billion (€17.883 billion) to shareholders between 2026 and 2028, also via dividends and buybacks. Additionally, it forecasts a compound annual growth rate of revenue (CAGR) above 5% between 2025 and 2028 and a cost/income ratio close to 50%, supported by a cumulative gross efficiency saving of over £2 billion (€2.384 billion) in the period 2026-2028.