The bank employed in the region of 93,000 people at the turn of the year, with the cuts affecting around 5% of staff.

Operational and functional roles will be most impacted, with around 1000 roles slashed in the first half of this year with the rest to be cut over the second half.

Group chief executive CS Venkatakrishnan said this was as a result of “investments which we’ve made into technology over a number of years and which we continue to make”.

The news came as Barclays posted a 12% rise in third-quarter profits and a new share buyback worth £500m.

Pre-tax profit for the July to September period came in at £2.3 billion, up from £2.1bn a year ago, but slightly missing analysts’ forecasts of £2.4bn.

Barclays’ investment bank reported total income in the third quarter of £3.1bn, lower than forecasts of £3.3bn.

Mr Venkatakrishnan said: “I am pleased with the ongoing momentum of Barclays’ operational and financial performance.

“With one quarter to go before the end of our original three-year plan, we have either achieved or are on track to achieve all of our 2026 group targets. We are confident in and committed to the 2028 targets that we laid out earlier in the year.”

“The investment bank delivered strong equities performance, offsetting a challenging environment for FICC [fixed income clearing corporation].”