NatWest Group cut about 1,000 full-time staff in the quarter to September as part of an efficiency drive that yielded around £420 million in savings, The Independent reported. Those savings helped put the lender’s year-to-date cost-to-income ratio at 45.7%, the outlet reported. The ratio compares a bank’s operating costs with the income it earns.
NatWest’s operating profit before tax reached £2.2 billion for the quarter, up about 2% from a year earlier, according to The Independent. Net interest income was around £3.6 billion, an increase of nearly 9%.
The Independent reported that the quarter’s cuts brought the number of jobs lost so far this year to 1,400. Separately, the acquisition of wealth manager Evelyn Partners brought about 2,200 employees into NatWest Group, the outlet said. The two movements are separate; The Independent gave no combined headcount change.
The Independent said NatWest’s efficiency effort includes simplifying its business and making greater use of technology. Recent trials included a tool to help customers understand their spending and a fraud agent for credit card customers, the outlet reported.
Chief Executive Paul Thwaite called growth across NatWest’s three customer franchises “broad-based.” He said lending, deposits and assets under management all increased during the quarter, according to The Independent.
The Independent also grouped NatWest with Lloyds and Barclays, saying the banks had reported higher income amid elevated interest rates.
