NatWest is to cut at least 500 jobs from its retail business and close its London tech hub in Regents House as part of a cost-cutting Covid recovery programme.
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.
“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.
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.
“We have been reviewing our London property strategy to better reflect how we will work in the future,” a NatWest spokeswoman told the wire service. “As a result, we will exit Regents House, and will reconfigure our London remaining properties at 250 Bishopsgate and 440 Strand.”
The bank has told the bulk of its staff they can work from home until next year.