NatWest to cut 550 jobs, shutter Regents House office

Natwest Group will cut 550 jobs across its Royal Bank of Scotland and NatWest branches, with branch managers, premier banking managers and personal bankers all being affected.

The bank said on Wednesday that it has already received a sufficient number of applications, meaning that it will not be forced to make any compulsory redundancies.

Natwest 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."

Natwest also revealed that it would be shuttering its Regents House office in London, which can currently hold as many as 2,500 staff members.

"Our ways of working had been evolving, even before the coronavirus pandemic," it said.

"As a result, we will exit Regents House, and will reconfigure our London remaining properties at 250 Bishopsgate and 440 Strand."