NatWest, one of England’s established banks, will slash 500 jobs across its retail units and shut down one of its major office building, media reports said. A series of loan losses due to a slump in the country’s economy amid the Covid-19 pandemic has compelled the London-based bank to announce the development which also includes scrapping of three top level executives.
A bank spokesperson, told the media, “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. We have been reviewing our London property strategy to better reflect how we will work in the future.”
It is reported that NatWest is planning to close a voluntary redundancy round targeting cutting 550 full-time equivalent roles across its branches and premier banking premium service, union unite. Furthermore, the development indicates that the bank expects to slash 800 staffs following the entry of new part time workers.
In addition, the bank will also shut down its London-based Regents House office, a place which was recognised as one of the biggest tech hubs for NatWest. The offices can accommodate 2,500 staffs. Currently, the bank has allowed its staffs to work from their homes.
The finances of major banks across the world are dented by the Covid-19 pandemic. As a result, these banks are also on the brink of slashing finances until economic revival happens.