NatWest confirms 550 job cuts alongside London tech hub closure

NAnnouncing further strategic directives, the governance of NatWest Group confirmed that it will reduce its UK retail workforce by 550 staff across its combined network of 1,000 high street branches.

This morning, the ‘UK Big-4’ bank confirmed that it had finalised plans for a ‘voluntary redundancy round’, aiming to cut 550 full-time roles across its flagship retail branches of NatWest and RBS.  

The state-backed bank stated that it had begun discussions with trade union Unite, in which it will ensure affected employees receive comprehensive packages and further support in finding new employment.

NatWest issued a short statement, outlining that its decision had been undertaken due to its changing customer trends towards online banking, over bricks and mortar banking.

“We have taken the decision to invite applications for voluntary redundancy and will support those colleagues who apply with a comprehensive support package,” a NatWest statement read.

Publishing its Interim results last month, NatWest Group suffered group impairment losses of £3 billion attributed to +240,000 customers taking up its ‘payment holidays’ allowance as a result of COVID-19 circumstances.

Furthermore, cost-saving strategic directives saw NatWest announce the closure of its London Regents House ‘innovation hub’ – an office that had space for 2,500 workers.

NatWest’s Regent House office had housed RBS failed mobile challenger bank venture ‘Bó’, which the group terminated in May after just five months of trading.  

In its statement, NatWest confirmed that it was undertaking an ongoing review of its ‘London property strategy, to better reflect how its UK operations will work in the future’.

For the time being, NatWest stated that it has urged the majority of its UK employees to remain working from home for the remainder of 2020.