NatWest announces 1k more jobs cut after AI efficiency drive

NatWest Group reported operating pre-tax profit of £2.2 billion for the three months to September, about 2 per cent higher than a year earlier, as its efficiency drive cut costs and about 1,000 full-time roles in the quarter, bringing this year's job losses to 1,400. The bank said it made around £420 million in cost savings, helped by investment in technology including AI tools, while its acquisition of wealth manager Evelyn Partners added about 2,200 staff. Chief executive Paul Thwaite said the "underlying shape of the workforce is changing quite a bit" and that AI is used for the benefit of customers and colleagues, with new roles dedicated to AI and other roles changing because of it.