Barclays is set to eliminate around 5,000 jobs, representing 5% of its workforce, by the end of 2026 as part of a cost-cutting initiative. The bank has already laid off 1,000 employees, with the remaining cuts primarily affecting operational and support roles, including software developers. Chief Financial Officer Anna Cross attributed the layoffs partly to increased productivity driven by artificial intelligence (AI). The bank anticipates saving over £1.1 billion by 2027. Despite these layoffs, Barclays reported a 12% rise in pre-tax profit for the third quarter, reaching £2.3 billion. CEO C.S. Venkatakrishnan noted that the bulk of the savings comes from upgrading the IT infrastructure, while AI serves as an additional factor enhancing efficiency.