RBS to cut thousands of NatWest jobs: Report

LONDON • Royal Bank of Scotland Group (RBS) is planning to eliminate thousands of jobs at its NatWest unit as part of cost-cutting measures overseen by newly appointed chief executive officer Alison Rose, Britain's The Sunday Times reported, citing people it did not identify.

One idea being discussed by senior executives Michael Geslak and Katie Murray could see 3,700 retail banking jobs cut at the high street lender, the newspaper said, adding that no plans had been finalised.

The cuts will save about £120 million (S$213 million), The Sunday Times said, without giving further details.

An RBS spokesman said the bank "did not recognise" the figures, according to the report.

Since Ms Rose's appointment was announced last September, several senior managers have left, including the CEO and chief financial officer of NatWest's smaller investment banking arm, NatWest Markets.

Mr Mark Bailie, head of RBS' digital lender Bo, is expected to step down in the coming months, Sky News reported on Jan 21, citing unidentified sources. Mr Les Matheson, head of RBS' retail banking unit, is also expected to leave, Sky said in October.

Ms Rose, a near 30-year veteran of the firm, will need to impose cost cuts if the firm is to regain investor support, Bloomberg Intelligence's Jonathan Tyce wrote in October.

RBS employs 65,000 staff, around one-third of which work in retail banking.

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A version of this article appeared in the print edition of The Straits Times on January 28, 2020, with the headline RBS to cut thousands of NatWest jobs: Report. Subscribe