Profits up, headcount down

NatWest Group cut around 1,000 full-time jobs in the third quarter of 2026 as part of an efficiency drive, even as its operating pre-tax profit rose by about 2% to £2.2 billion. The bank reported the figures on 30 October 2026 for the three months to September, with total income up to £4.64 billion and net interest income up nearly 9% to about £3.6 billion. The job reductions bring the total cut so far this year to around 1,400 roles, while the programme has delivered roughly £420 million in cost savings and reduced the bank's cost-to-income ratio to 45.7% for the year to date.

A changing workforce

The headline reduction does not tell the whole story. NatWest's overall headcount actually rose by around 800 over the year to date, because its acquisition of wealth manager Evelyn Partners brought about 2,200 staff into the group. Chief executive Paul Thwaite said the underlying shape of the workforce was changing, with the bank seeking the right skills and people in the right roles. He would not be drawn on whether further cuts would follow, saying the first people to hear about that would be colleagues. Profit attributable to shareholders fell 4.1% to £1.53 billion, and shares fell sharply on the day as investors reacted to weaker guidance on future interest income.

What it means for bank workers

NatWest joins other major UK lenders trimming roles while investing in technology and simpler operations, a pattern also seen at Barclays and Lloyds this year. For staff, the message is mixed: the bank is still hiring in some areas, particularly where new skills are needed, while support and back-office roles face the greatest pressure. Workers affected by restructuring should check their consultation rights, redundancy terms and internal redeployment options, and can seek free advice from their union or Citizens Advice before accepting any settlement.

Sources: NatWest Q3 2026 results via Sharecast | NatWest Group results