RBS head considering eliminating thousands of jobs at Natwest

The bank currently has 65,000 staff across the globe, out of which more than 33 percent are employed in the retail banking sector.


The Royal Bank of Scotland (RBS) is apparently contemplating on axing thousands of employees at Natwest in accordance with its policy of reducing expenditures.


Last November, Alison Rose emerged as the first woman to govern RBS and ever since, top executives are involved in “Project Tusk” in order to minimise expenses.


Earning a base salary £1.1 million per annum, she took over the mantle from Ross McEwan who earned an overall of £3.6 million per annum that also included perks a couple of years ago.


According to reports published in The Sunday Times, this development is likely to hit around 3,700 retail banking jobs at Natwest and can generate savings on expenses of over £120 million for the lender that is controlled by taxpayers.

RBS said that it did not acknowledge the figures and according to sources, the plans to slash jobs would not be declared in the the bank’s full-year result statements to be published on February 14.


The bank currently has 65,000 staff across the globe, out of which more than 33 percent are employed in the retail banking sector. And, it is not known if this move would result in further branches downing their shutters.


In last September, the news of Rose being named as head of RBS was officially proclaimed. And since then, many veteran managers have exited the bank. Among them are Chris Marks, the former CEO and Richard Place, who was the Chief Financial Officer of Natwest Markets.


Based on media reports, it is believed that even the RBS’ digital banking platform CEO Mark Bailie is getting ready to quit the banking giant.


Right on her starting day as the chief of RBS, Rose cautioned workers that the bank had to minimise on the adverse expenditures that were being incurred.