The Newshound

NatWest cuts 1,000 jobs in a tech-driven efficiency drive while its quarterly profits climb to £2.2 billion

NatWest's quarterly profits rose 2% on the same period last year, even as the bank's net interest income of £3.6 billion outpaced rivals Lloyds and Barclays on income growth.
NatWest's quarterly profits rose 2% on the same period last year, even as the bank's net interest income of £3.6 billion outpaced rivals Lloyds and Barclays on income growth.

NatWest axed 1,400 full-time posts in total this year as chief executive Paul Thwaite pursues a leaner, AI-powered business model. The bank's net interest income surged nearly 9% year-on-year to £3.6 billion, beating rivals Lloyds and Barclays on income growth. NatWest's cost-to-income ratio fell to 45.7% for the year-to-date, driven by the £420 million savings programme.

The 1,000 Q3 job losses were partially offset by 2,200 new staff joining via the Evelyn Partners wealth manager acquisition.

AI is central to the cuts, with NatWest piloting a tool that analyses customer spending patterns and an agent that detects fraud on credit card accounts.

The Scotsman described the results as a 'fair to middling performance', despite profits rising 2% on the same quarter last year.

MoreLBCNatWest efficiency drive results in job cuts and £420 million of cost savingsThe ScotsmanNatWest wraps up bank reporting with ‘fair to middling performance’ and 1,000 job cuts - The ScotsmanDPA InternationalNatWest efficiency drive results in job cuts and £420m of cost savings
Read today's full feed at The Newshound →