Britain's NatWest is cutting at least 500 jobs across its retail business and closing one of its remaining offices in London as banks press on with cost-cutting in the face of a wave of expected loan losses due to the COVID-19 pandemic.
Around 800 staff are expected to leave once part-time workers are included, Unite national officer Rob MacGregor said, adding he understood the round was oversubscribed. Banks across the industry are looking to cut costs as their finances are dented by the pandemic, with official data on Wednesday showing the UK economy entered a deep recession in the first half of the year.
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