NatWest to cut 550 jobs and close a London office
NATWEST is cutting at 550 jobs as the pandemic continues to hit the banking sector.
The banking chain is offering voluntary redundancy - and says it needs to cut 550 full-time roles, according to union Unite.
Expected loan losses due to the COVID-19 pandemic have been blamed for the cost-cutting move.
A NatWest spokesman confirmed the redundancy process.
They said: "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.";
Some of the roles in line for this include Branch Managers, Premier Banking Managers and Personal Bankers.
That number is expected to shoot up to around 800 staff once part-time workers are added in.
What are my redundancy rights?
BEFORE making you unemployed, your employer should still carry out a fair redundancy process.
You are entitled to be consulted on the redundancy lay-off first and to receive a statutory redundancy payment, as long as you've been working somewhere for at least two years.
How much you're entitled to depends on your age and length of service, although this is capped at 20 years. You'll get:
- Half a week’s pay for each full year you were under 22,
- One week’s pay for each full year you were 22 or older, but under 41,
- One and half week’s pay for each full year you were 41 or older.
Sadly, you won't be entitled to a payout if you've been working for your employer for fewer than two years.
There should be a period of collective consultation as well as time for individual ones if your employer wants to make 20 or more employees redundant within 90 days or each other.
You are also entitled to appeal the decision by claiming unfair dismissal within three months of being let go.
Unite national officer Rob MacGregor said he understood the redundancy round was oversubscribed.
The banking chain, which has over 960 branches and 3,400 cash machines in the UK, is also closing its Regent House office in north London. The premises had space for 2,500 workers.
“We have been reviewing our London property strategy to better reflect how we will work in the future,” a NatWest spokeswoman said.
“As a result, we will exit Regents House, and will reconfigure our London remaining properties at 250 Bishopsgate and 440 Strand.”
Job losses since June 2020
MANY firms have announced job cuts since June as a result of the coronavirus lockdown. These include:
- Shoe chain Aldo collapsed into administration with five stores permanently closed
- Victoria's Secret plunged into administration, putting 800 jobs at risk
- Fashion chain Quiz put its shop business into administration in , putting 82 stores at risk
- British Gas owners cuts 5,000 jobs, over half of which will be in management
- Airbus announces 1,700 job losses. It expects cuts to be made by summer 2021
- TM Lewin says it will close all 66 of its UK shops, putting 600 jobs at risk
- Harveys Furniture goes into administration resulting in 240 immdiate job losses and puts another 1,000 at risk
- Upper Crust plans to make 5,000 out of its 9,000-strong workforce redundant
- EasyJet says it plans to close hubs at Stansted, Southend and Newcastle, putting 4,500 jobs at risk
- John Lewis is reported to be planning to cut jobs and permanently close department stores
- Harrods has said it is consulting on cutting 680 jobs
- Virgin Money, which owns Clydesdale and Yorkshire Bank, will cut 300 jobs
- Topshop owner Arcadia has announced plans to cut 500 office staff
- Royal Mail is expected to cut 2,000 jobs as a result of coronavirus
The bank has told the bulk of its staff they can work from home until next year.
NatWest chief executive Alison Rose reaffirmed the bank's target of cutting 250 million pounds from costs this year in July after the bank tumbled to a half-year loss.
Unite's Rob MacGregor said: "Tens of thousands of people working for banks have risen to the challenge that the pandemic created. The banks' response should not be a repeat of the austerity measures that we saw after the financial crisis."
The UK has officially gone into recession, it has been announced, after the economy shrunk by a record 20.4 per cent in just three months.
It's the first time since the financial crisis 11 years ago.
Yesterday, Debenhams announced planned job cuts of 2,500 as the department store chain battles to survive on the UK high street.