NatWest cuts around 1,000 jobs in an efficiency drive as quarterly profits stay flat at £2.2bn

Summary

A NatWest efficiency drive resulted in job cuts and £420 million of cost savings, the Evening Standard and The Independent reported on Friday 30 October, the banking group having cut around 1,000 full-time staff in the quarter but gained 2,200 employees from its acquisition of Evelyn Partners. NatWest posted the weakest profit growth among big UK banks, reporting flat pre-tax profits of £2.2bn in the third quarter, the Financial Times reported, The Independent writing that NatWest announced 1,000 more jobs cut after an AI efficiency drive and The Scotsman headlining a 'fair to middling performance', chief executive Paul Thwaite saying 'We continue to see broad-based growth in our three customer franchises'.

Latest: NatWest cut around 1,000 full-time staff in the quarter in an efficiency drive that brought £420 million of cost savings, the Evening Standard and The Independent reported, the Financial Times writing that NatWest posted the weakest profit growth among big UK banks, with flat pre-tax profits of £2.2bn in the third quarter.

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