Natwest Group PLC sees rush for voluntary redundancy scheme to cut 550 roles

Natwest Group PLC () has confirmed it is to cut 550 jobs from its branch and premier services operation via a voluntary redundancy programme.

Around 800 staff are expected to leave once part-time workers are included, Unite national officer Rob MacGregor told Reuters, with the union saying more people had already applied to leave than had been earmarked.

NatWest is also separately closing its Regents House office in Islington, London, as part of a programme of restructuring its properties with a focus on more home working.

The UK state-owned bank’s chief executive Alison Rose committed to £250mln of cost-savings in the half-year results to June, even though the bank is supporting a raft of business through the coronavirus loan scheme.

Those results saw the bank post a loss of £770mln after a huge impairment provision ahead of an expected surge in bad debts as the UK economy struggles.

Economic data today revealed that Britain’s economy had endured its worst quarter ever and shrank by 20.4% due to the impact of the lockdown.

Government numbers yesterday showed that £52bn has now been lent to businesses to help them get through the crisis