Barclays plans roughly 5,000 job reductions by the end of 2026, with about 1,000 already completed, Reuters reported, citing its results briefing. The cost programme accompanies sharply divergent third-quarter trading results.[1]
Selected third-quarter indicators
| Area | Published result |
|---|---|
| Pre-tax profit | £2.3 billion, up 12% year on year |
| Q3 equities income | £1.010bn, up 47% year on year |
| Q3 FICC income | £1.012bn, down 19% year on year |
| Planned job reductions | Approximately 5,000 |
| Announced share buyback | Up to £500 million |
Around 60% of the reductions are expected in support functions, including technology and development roles. That allocation suggests the programme is aimed at changing operating processes as well as reducing headcount in customer-facing businesses.[1]
Equities and fixed income diverge
The investment bank’s results moved in opposite directions. Equities revenue rose strongly, reflecting activity in areas such as derivatives and prime services, while fixed income underperformed and fell materially. A single investment-banking revenue number would obscure that divergence.[1]
Barclays recorded £201 million of structural cost actions during the quarter. Restructuring charges can reduce current profit before any future savings appear, so the programme should be assessed through both implementation costs and recurring expense reductions.[1]
Barclays’ filed results show £201 million of structural cost actions and approximately £200 million of cost-efficiency savings in the quarter. The bank announced a share buyback of up to £500 million. The trading figures cover the quarter; the separate nine-month growth rates should not be substituted for them.[2]
Sources & further reading
- Barclays to slash 5,000 jobs in AI-powered cost-cutting drive Reuters · 22 Oct 2026 · Accessed 22 Oct 2026
- Q326 results announcement Barclays via SEC EDGAR · Accessed 30 Oct 2026