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RBS presses on with NatWest Markets cuts, axing 130 jobs-FT

Reuters - UK Focus
·1-min read

LONDON, April 8 (Reuters) - Royal Bank of Scotland has cut around 130 jobs in its investment banking division NatWest Markets, the Financial Times reported on Wednesday.

The state-backed lender has paused much of its cost-cutting and restructuring initiatives to deal with the fallout from the coronavirus pandemic, but has decided to press ahead with cuts to its loss-making NWM unit.

"Where restructurings proceed, we will seek to mitigate impacts for employees and customers, which will include delaying exits and continuing to pay employees, in certain cases, until 30 September 2020," a spokeswoman for NWM said. (Reporting by Iain Withers, editing by Sinead Cruise)