NatWest reports job cuts as it expands AI use

AI · First reported 30 Oct, 08:46 · Updated 12:07

Image: Wikimedia Commons · NASA/USGS · Public domain

NatWest said it cut 1,400 jobs this year, including 1,000 in the last three months, while rolling out AI across the bank. It also reported third-quarter profit of £1.7 billion, down 3.9% from the previous year.

NatWest said it cut 1,400 jobs this year, with 1,000 of those cuts in the last three months. The figures exclude the impact of its acquisition of Evelyn Partners.
The bank is rolling out AI across its operations. It said its fraud triage agent, Cora, had handled 52,000 credit card customer issues, without specifying the timeframe.
Chief executive Paul Thwaite said some roles are changing or being redesigned because of AI, and that the bank has created roles focused on AI.
NatWest reported third-quarter profit of £1.7 billion, down 3.9%, partly because of a higher tax charge; the results were slightly above City estimates.
Thwaite said the planned bank surcharge increase should remain time limited. The article says the increase is due to begin in January and raise the surcharge from 3% to 6% for 15 months.

Summary written by Lux AI from 3 articles

Key facts

Jobs cut this year: 1,400, including 1,000 in the last three months; figures exclude the Evelyn Partners acquisition.
Cora issues handled: 52,000 credit card customer issues; timeframe not stated.
Third-quarter profit: £1.7 billion, down 3.9%.
Planned bank surcharge: Increase from 3% to 6% for 15 months from January.