Natwest set to cut 550 jobs in branches across the UK

Banking giant the Natwest Group has announced that it plans to cut 550 jobs in branches across the UK due to the impact of the coronavirus pandemic.

Today’s announcement is part of a £250m cost-cutting plan to counter the devastating impact of the COVID-19 crisis.

The group has been under severe pressure in recent weeks pressure to accelerate its cost-cutting plans due to fears it could face billions of pounds worth of bad loans due to the coronavirus pandemic.

As part of today’s plans, Natwest will be closing one of its London-based offices. The Regents House office currently has space for more than 2,500 employees. There are also plans to reconfigure its offices in Bishopsgate and on the Strand in the capital.

The job cuts would be made through voluntary redundancies and there would be no branch closures, however, the company did reveal that it plans on helping its customer base move to online banking.

Commenting on the planned job losses, a Natwest Group spokesperson said: “We have to respond to changing customer behaviour and the rising customer demand for digital banking services. 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.”