UK bank NatWest cuts over 500 jobs

14 August, 2020 12:00 AM printer

LONDON: Britain’s NatWest is cutting at least 500 jobs across its retail business and closing one of its remaining offices in London as banks press on with cost-cutting in the face of a wave of expected loan losses due to the COVID-19 pandemic.

The state-backed bank is finalising a voluntary redundancy round targeting cutting 550 full-time equivalent roles across its branches and ‘premier banking’ premium service, union Unite told Reuters. A NatWest spokesman confirmed the redundancy process, report agencies.

“We have taken the decision to invite applications for voluntary redundancy and will support those colleagues who apply with a comprehensive support package. There will be no compulsory redundancy as a result of this announcement,” the spokesman said.

Around 800 staff are expected to leave once part-time workers are included, Unite national officer Rob MacGregor said, adding he understood the round was oversubscribed.

NatWest is also separately closing its Regents House office in London, which was home to one of the bank’s biggest tech hubs and had space for 2,500 workers.