This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.bbc.co.uk/news/business-53754464
The article has changed 9 times. There is an RSS feed of changes available.
| Version 3 | Version 4 |
|---|---|
| Natwest to cut 550 jobs in branches and close one office | Natwest to cut 550 jobs in branches and close one office |
| (about 2 hours later) | |
| Natwest Group is cutting 550 jobs in branches across the UK and closing one of its remaining offices in London. | Natwest Group is cutting 550 jobs in branches across the UK and closing one of its remaining offices in London. |
| It said the cuts would be made entirely through voluntary redundancies and there would be no branch closures. | It said the cuts would be made entirely through voluntary redundancies and there would be no branch closures. |
| The job losses are part of a longer term effort to adapt as more customers bank online. | |
| But the bank, formerly known as RBS, is also under pressure to cut costs due to the pandemic amid fears it could face billions of pounds worth of bad loans. | But the bank, formerly known as RBS, is also under pressure to cut costs due to the pandemic amid fears it could face billions of pounds worth of bad loans. |
| A NatWest spokesperson said: "We have to respond to changing customer behaviour and the rising customer demand for digital banking services. | A NatWest 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." | "We have taken the decision to invite applications for voluntary redundancy and will support those colleagues who apply with a comprehensive support package." |
| The banking group told the BBC the cuts had been on the cards since before the pandemic as it had seen a steady decline in branch transactions in recent years. | The banking group told the BBC the cuts had been on the cards since before the pandemic as it had seen a steady decline in branch transactions in recent years. |
| However, it has seen more of its customers turn to online banking during the coronavirus pandemic as people have stayed away from high streets and used physical branches less. | However, it has seen more of its customers turn to online banking during the coronavirus pandemic as people have stayed away from high streets and used physical branches less. |
| Many of its branches had reduced their opening hours before lockdown restrictions were eased, while some shut temporarily due to staffing issues. | |
| Separately, Natwest is closing its Regents House office in London, which had space for 2,500 workers. | Separately, Natwest is closing its Regents House office in London, which had space for 2,500 workers. |
| It said it will reconfigure its offices in Bishopsgate and on the Strand. | It said it will reconfigure its offices in Bishopsgate and on the Strand. |
| Rising costs | Rising costs |
| Prior to the pandemic, Natwest Group was in the midst of a £250m cost cutting drive, however its financial woes have intensified since March. | Prior to the pandemic, Natwest Group was in the midst of a £250m cost cutting drive, however its financial woes have intensified since March. |
| Like other lenders, it has warned many of its customers could default on loans this year and has set aside between £3.5bn and £4.5bn to deal with the consequences of the crisis. | Like other lenders, it has warned many of its customers could default on loans this year and has set aside between £3.5bn and £4.5bn to deal with the consequences of the crisis. |
| It is not the only lender to have announced job cuts in recent months. | It is not the only lender to have announced job cuts in recent months. |
| TSB has told its cashiers that their jobs will be phased out at the start of 2021, following a steep decline in customers banking in its branches. | TSB has told its cashiers that their jobs will be phased out at the start of 2021, following a steep decline in customers banking in its branches. |
| Clydesdale Bank, now renamed Virgin Money, is also to shed 300 staff as it closes branches. | Clydesdale Bank, now renamed Virgin Money, is also to shed 300 staff as it closes branches. |
| HSBC meanwhile has resumed a plan to cut 35,000 jobs worldwide, having paused the plan at the start of the pandemic. | HSBC meanwhile has resumed a plan to cut 35,000 jobs worldwide, having paused the plan at the start of the pandemic. |