Barclays plans 5,000 job cuts as profit rises

Barclays plans to eliminate 5,000 full-time jobs, about 5% of its workforce, with support functions accounting for 60% of affected workers, according to Business Insider. The reductions are part of a plan to generate more than £1 billion in efficiency savings in 2027 and come alongside rising profit: Barclays reported third-quarter pretax profit of £2.3 billion, up 12% from a year earlier.

The bank’s finance director, Anna Cross, linked fewer developer roles to productivity gains from AI on its October 22 earnings call.

Across technology, finance, retail and media, Business Insider’s October 23 roundup tracked more than 40 companies that had laid off employees in 2026, with employers citing AI adoption, fewer management layers and shifts in spending.

Amazon announced plans in January to eliminate around 16,000 corporate roles globally, following 14,000 cuts in October 2025. Its people chief, Beth Galetti, described the January reductions as part of an effort to reduce bureaucracy. Further cuts followed in the Selling Partner Services team in May.

Coinbase CEO Brian Armstrong told staff in May that the company would cut 14% of its workforce, largely because of AI. He also outlined fewer organizational layers and a requirement that leaders do hands-on work rather than serve solely as managers.

Retail reductions have targeted different work. Estée Lauder said in May that its expanded reduction plan would affect up to 10,000 jobs, with more than two-thirds in cashier and demonstration roles at lower-performing retail and department stores.

Some employers are cutting roles while changing the skills they seek. Expedia told Business Insider in January that it had eliminated roles and posted new openings as it reassessed its future needs. General Motors is cutting 600 salaried jobs from its global IT division; a spokesperson said the changes were intended to ensure expertise in areas including AI-native development, data engineering and cloud engineering.