RBS retail shake-up

Rose ‘plotting jobs axe’ at NatWest to save £120m

NatWest George St

The former RBS branch in George St re-emerging under the NatWest brand (pic: Terry Murden)

Royal Bank of Scotland chief executive Alison Rose is planning to axe thousands of jobs at its Natwest subsidiary, according to City sources.

Ms Rose, who last week received plaudits for an ambitious £1 billion fund to support female entrepreneurs, is facing a more hostile response if she confirms that 3,700 jobs will be cut.

The so-called Project Tusk would slash the current 20,000 retail jobs at the bank and save £120 million, according to The Sunday Times. It was not clear if this would lead to more branch closures.

NatWest operates almost exclusively south of the border. Daily Business reported earlier this month that it was relocating its only branch in Edinburgh – one of just three in Scotland – to a former RBS branch which closed about two years ago.

In November Ms Rose became the first woman to run RBS which remains 62% state controlled.

RBS said it “did not recognise” the figures and there are not thought to be any plans for an announcement on jobs at the bank’s full-year results statement on 14 February.

The chief executive and chief financial officer of Natwest Markets quit last month as Rose launched a shakeup of the underperforming division’s management team.

It emerged last week that the chief executive of Bo, RBS’ digital banking platform, Mark Baillie was preparing to leave. 

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