Barclays is preparing to eliminate around 200 positions across its investment banking division, with the job cuts expected to begin next week as the British banking major steps up efforts to reduce expenses and improve operational efficiency.
The proposed redundancies are expected to affect employees across different levels of seniority, primarily in the bank’s key financial centres of New York and London. The reductions could begin as early as Tuesday, November 17, according to people familiar with the matter, who spoke on the condition of anonymity as the information has not been made public.
The latest round of job cuts comes in addition to the approximately 5,000 positions that Barclays announced last month it planned to eliminate across its global operations. The bank has been undertaking a broader restructuring exercise aimed at streamlining its workforce, controlling costs and improving productivity through increased investment in technology, including artificial intelligence.
According to people familiar with the developments, the proposed reductions within the investment banking business form part of the lender’s annual exercise to improve efficiency and ensure that resources are directed towards areas where the bank intends to strengthen its operations. The exercise also involves reviewing its workforce requirements and prioritising investment in talent.
A Barclays spokesperson declined to comment on the reported investment banking job cuts. Financial publication eFinancialCareers had earlier reported some details of the proposed reductions.
In October, Barclays announced plans to reduce its workforce by approximately 5,000 positions during 2026 as part of a wider cost-cutting programme. The figure includes around 1,000 positions that had already been eliminated during the first half of the year, with another 4,000 reductions expected by the end of the fourth quarter.
The bank has cited technological advancements, particularly the growing use of artificial intelligence, as an important factor behind its efforts to reduce operational costs. The adoption of AI is expected to help automate certain processes, improve productivity and reduce the need for some roles, particularly in support functions.
Barclays had approximately 93,000 employees worldwide at the end of 2025. The proposed workforce reductions therefore represent a significant restructuring exercise for the banking group as it seeks to improve its cost structure and strengthen long-term returns.
The lender is also planning to increase its spending on measures designed to bring down future operating expenses. Barclays is expected to spend around £600 million ($793 million) during the year on such initiatives, nearly twice its earlier estimate. The increased expenditure comes after investors expressed concerns over the bank’s expenses in its first-half financial results.
Chief Executive Officer CS Venkatakrishnan has been overseeing efforts to transform the bank’s investment banking operations since taking charge in 2021. Earlier this year, Barclays also announced changes to the leadership structure of its investment banking division.
Mike Joo, formerly associated with Bank of America, is expected to join Barclays next year as co-head of its investment banking business alongside Adeel Khan, who currently oversees its global markets operations.
The latest proposed job reductions underline the continuing pressure on major global banks to balance investments in technology and talent with the need to control costs and improve profitability. Barclays’ restructuring programme is part of its broader effort to adapt its operations to changing market conditions and technological developments.
