RBS Plans to Cut Thousands of NatWest Jobs, Sunday Times Reports

(Bloomberg) -- Royal Bank of Scotland Group Plc 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, the Sunday Times reported, citing people it didn’t 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 finalized and any headcount reductions wouldn’t be announced with next month’s full-year results. The cuts will save about 120 million pounds ($157 million), the Sunday Times said, without giving further details.

An RBS spokesperson said the bank “did not recognize” the figures, according to the report.

Since Rose’s appointment was announced in September, several senior managers have departed including Chris Marks and Richard Place, who were the CEO and chief financial officer of NatWest Markets. Mark Bailie, head of RBS’s digital lender Bo, is expected to step down in coming months, Sky reported on Jan. 21, citing unidentified sources. Les Matheson, head of RBS’s retail-banking unit, is also expected to leave, Sky said in October.

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. The company has more than 60,000 staff.

To contact the reporter on this story: Benjamin Robertson in london at brobertson29@bloomberg.net

To contact the editors responsible for this story: Shelley Robinson at ssmith118@bloomberg.net, James Amott, Sara Marley

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