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Economic Development

NatWest to cut around 550 jobs and close Regents House office in London

All of the redundancies will be voluntary, the bank said

Natwest to cut around 550 jobs and close Regents House office in London

NatWest has revealed it is to cut around 550 jobs at branches around the country, as well as shutting down its Regents House office in London.

The lender said the roles will be cut at Royal Bank of Scotland and NatWest branches, and its premier banking unit.

The company said it had already received sufficient applications so it will not need to make any compulsory redundancies.

Around 550 full-time equivalent roles will be lost across the branches and its premier banking arm, with branch managers, premier banking managers and personal bankers among those affected.

A statement from the bank on Wednesday 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.

"There will be no compulsory redundancy as a result of this announcement."

The company also said it is planning to shut down its Regents House office in London, which has enough room for around 2,500 people.