National Westminster Bank layoffs, on the record
Every job cut, severance charge and restructuring National Westminster Bank reported in its annual reports, 2015 to 2017, quoted from the filings. Headcount went from 29,200 to 13,200.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 20-F for 2015 | 29,200 | 31 December 2015 |
| 20-F for 2016 | 17,100 | 31 December 2016 |
| 20-F for 2017 | 13,200 | 31 December 2017 |
Job cuts, severance and restructuring
Our summaryRestructuring costs were recorded in 2015, mainly reflecting property and software write-downs in CIB.
Word for word“Operating expenses excluding restructuring costs of £728 million (2014 - £26 million) and litigation and conduct costs of £2,812 million (2014 - £1,007 million) declined by £278 million, or 6%, to £4,638 million (2014 - £4,916 million) mainly reflecting the benefits of cost savings initiatives.” 20-F for 2015
Our summaryRestructuring costs of staff costs component were recorded within operating expenses in 2015, including termination benefits in restructuring provisions.
Word for word“Other provisions include restructuring provisions of £72 million principally termination benefits.” 20-F for 2015
Our summaryThe company is undergoing a major restructuring through 2019, including separation and divestment of Williams & Glyn with about 6,000 FTE employees engaged on the project.
Word for word“There are currently approximately 6,000 employees (FTE) engaged on the project and total costs incurred to 31 December 2015 relating to the separation and divestment of Williams & Glyn were £1.2 billion and are expected to increase through to completion.” 20-F for 2015
Our summaryThe company must implement the UK ring-fencing regime, requiring a significant legal and organisational restructuring and realignment of employees.
Word for word“In particular, as described further below, the RBS Group is required to implement the UK ring-fencing regime by 1 January 2019, and it is expected that the majority of the Group’s operations will be transferred to the ring-fenced bank subgroup (“RFB”) .” 20-F for 2015
Our summaryThe company announced a new strategy in early 2015 including further restructuring of its CIB business and accelerated run-down of certain operations and portfolios.
Word for word“In the first quarter of 2015, the RBS Group articulated a new strategy focussed on the growth of its strategic operations in UK Personal & Business Banking and Commercial & Private Banking and the further restructuring of its Corporate and Institutional Banking (“CIB”) business to focus mainly on UK and Western European corporate and financial institutions.” 20-F for 2015
Our summaryRestructuring costs were reduced compared with the prior year, and staff costs fell sharply reflecting reductions in Capital Resolution and cost savings initiatives.
Word for word“Staff costs decreased by £358 million, 29%, to £878 million reflecting reductions in Capital Resolution and cost savings initiatives.” 20-F for 2016
Our summaryThe Group recorded restructuring costs in 2016, including staff costs related to restructuring.
Word for word“Restructuring costs relating to continuing operations included in operating expenses comprise: 2016 2015 2014 £m £m £m Staff costs 55 81 17 Premises and depreciation (3) 523 13 Other (2) 29 112 4 81 716 34” 20-F for 2016
Our summaryHeadcount at the Group fell in 2016 across UK Personal & Business Banking, Central & Other and the rest of the world, as the number of people employed by continuing operations dropped from 26,400 to 15,700.
Word for word“Total 15,700 26,400 27,300 UK 14,500 16,300 17,300 USA 800 1,000 1,500 Europe 400 500 800 Rest of the World — 8,600 7,700 Total 15,700 26,400 27,300” 20-F for 2016
Our summaryThe Group planned a significant legal and organisational restructuring for the ring-fencing regime, including realignment of employees that started in early 2017.
Word for word“As a result of the changes described above, the establishment of the RFB sub-group will have a material impact on how the Group conducts its business and requires a significant legal and organisational restructuring of the RBS Group and the Group, as the Bank will be one of the principal banking entities within the RFB, and the transfer of large numbers of assets, liabilities and customers between legal entities (within the RBS Group) and the realignment of employees which started in early 2017.” 20-F for 2016
Our summaryThe Group made a provision for restructuring, mainly termination benefits, within its other provisions.
Word for word“Other provisions include restructuring provisions of £59 million principally termination benefits.” 20-F for 2016
Our summaryThe company reported higher restructuring costs for 2017, mainly from international private banking pension costs and reducing its property portfolio.
Word for word“Restructuring costs increased by £148 million to £218 million, compared with £70 million in 2016, largely due to international private banking pension costs and the reduction of the property portfolio.” 20-F for 2017
Our summaryThe company holds a restructuring provision, mostly for termination benefits.
Word for word“Other provisions include restructuring provisions of £110 million principally in relation to termination benefits.” 20-F for 2017
National Westminster Bank has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from National Westminster Bank’s annual reports (20-F for 2017, 20-F for 2016, 20-F for 2015) and the financial data it files with the SEC, as of 2018-03-29. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.