Barclays to Cut 5,000 Jobs Globally, Expands in Saudi

Barclays has announced plans to reduce its global workforce by approximately 5,000 jobs — around 5% of its staff — by the end of 2026, in a move the bank links to efficiency measures driven by artificial intelligence.

The bank did not announce any Saudi Arabia-specific figures. No number of affected employees, roles, fees, or implementation steps relating to its operations in the Kingdom was disclosed. The announcement does not confirm that any Saudi-related activities will be scaled back.

At the same time, Barclays is continuing its expansion plans in Saudi Arabia. The bank is working toward establishing a Riyadh office and a regional headquarters targeted for 2026, alongside efforts to obtain additional financial-services licensing. Its current authorization in the Kingdom is provisional, granted by the Capital Market Authority.

Why it matters

The parallel announcements point to a global restructuring that runs alongside continued investment in the Saudi market. For residents and professionals in the Kingdom's growing financial sector, the key takeaway is that no local reductions have been confirmed, while the bank's stated plans to grow its presence in الرياض remain in place.

The developments reflect wider shifts across the banking industry, where institutions are adopting artificial-intelligence tools to streamline operations while still pursuing growth in priority markets such as Saudi Arabia. Further detail on the Kingdom's licensing and office plans is expected as the 2026 timeline approaches.

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