22 October 2026
If you are covering Barclays' latest results, please see the following comment from Will Howlett, financials analyst at Quilter Cheviot:
“The headline from Barclays today is the scale of the job cuts, with around 5,000 roles expected to be affected by its efficiency programme. That is roughly 5% of the workforce and illustrates just how significantly AI and automation could reshape the banking industry over the next few years.
“Banks have spent heavily on technology for years, but we are increasingly reaching the point where that investment translates into fewer people being required to run the business. Barclays expects its efficiency measures to deliver more than £1.1 billion of savings, which should help bring down costs and improve profitability.
“Beyond that, these were slightly mixed results. The investment bank was weaker, particularly in fixed income trading, but Barclays remains on track against its longer-term targets and has announced another £500 million share buyback.
“For investors, the question is increasingly whether Barclays can turn technological investment and a smaller workforce into sustainably lower costs without compromising growth. If it can, there is still considerable scope for improved returns.”
