Barclays plans to cut approximately 5,000 jobs by the end of 2026, as the UK banking group steps up efforts to reduce costs and improve business efficiency.

The planned reductions represent around 5% of the bank’s workforce. The programme is expected to affect support functions, including some technology and developer roles, with about 1,000 positions already eliminated, according to Reuters.

The announcement came as Barclays reported third-quarter profit of £2.3 billion, up 12% year-on-year. However, weaker performance in fixed-income trading weighed on parts of its investment banking business.

The bank is increasingly using technology and artificial intelligence as part of its cost-reduction strategy. The changes reflect wider pressure on financial institutions to improve productivity while managing operational costs and investing in digital services.

Barclays’ plans highlight the potential impact of banking-sector restructuring on employees, particularly in support and technology functions. The final effects will depend on how the programme is implemented across the business.