Barclays to cut 5,000 jobs worldwide
Barclays disclosed that it intends to eliminate approximately 5,000 positions during the current year, a move that would affect roughly 5% of its worldwide staff.
Scope and timing of the reductions
The British-based lender said the departures will be finalized by the close of 2026, adding that an earlier round removed 1,000 roles earlier in the same calendar year.
Chief Executive Officer CS Venkatakrishnan presented the plan during the third-quarter earnings briefing, emphasizing that most of the affected jobs belong to support-service areas.
He noted that about 60% of the eliminated positions are in functions such as software development, which the institution believes can be streamlined as artificial-intelligence tools raise productivity.
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The bank framed the overhaul as a component of a broader drive to boost operational efficiency and lower overall costs.
Broader industry context
Across the fintech environment, capital continues to flow into platforms that enable entrepreneurs to build digital businesses. US-based Whop, founded in 2021 by CEO Steven Schwartz, CGO Cameron Zoub and CTO Jack Sharkey, secured a $200 million Series D round that values the company at $5.1 billion. This financing marks Whop’s second raise of the year, following a February $200 million investment from Tether that placed its valuation at $1.6 billion. The platform provides the infrastructure to run their own digital storefront, including accepting fiat and digital payments, sending invoices, and automating services with AI.
Looking ahead, the lender anticipates that the realigned workforce will enable faster innovation cycles, allowing it to introduce new products and services more efficiently.
