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NatWest cuts 1,400 jobs this year while quarterly profit rises to £2.2billion and its efficiency drive saves £420million

NatWest axed 1,400 full-time posts in total this year as part of a £420 million savings programme that cut its cost-to-income ratio to 45.7%.
NatWest axed 1,400 full-time posts in total this year as part of a £420 million savings programme that cut its cost-to-income ratio to 45.7%.

Chief executive Paul Thwaite pointed to AI tools and technology investment as the drivers of the savings, with a fraud detection agent and a spending insights tool already being trialled.

Analysts described the results as 'fair to middling', noting NatWest posted the weakest profit growth among the major UK banks this quarter.

The 1,400 job losses were partially offset by the purchase of Evelyn Partners, a wealth manager that added around 2,200 employees to the group.

The Budget's rise in the bank surcharge proved 'less than feared', analysts said, triggering a small relief rally in domestic bank shares.

MoreThe IndependentNatWest efficiency drive results in job cuts and £420 million of cost savingsGB NewsNatWest cuts 1,400 jobs as quarterly profit rises to £2.2billion - GB NewsFinancial TimesNatWest posts weakest profit growth among big UK banksThe ScotsmanNatWest wraps up bank reporting with ‘fair to middling performance’ and 1,000 job cuts - The ScotsmanThe Irish NewsEfficiency drive at Ulster Bank parent firm results in job cuts and £420m of cost savingsDPA InternationalNatWest efficiency drive results in job cuts and £420m of cost savings
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