NatWest Group layoffs, on the record
Every job cut, severance charge and restructuring NatWest Group reported in its annual reports, 2023 to 2025, quoted from the filings. Headcount went from 61,500 to 59,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 20-F for 2023 | 61,500 | during the year |
| 20-F for 2024 | c.59,200 | — |
| 20-F for 2025 | 59,000 | 31 December 2025 |
Job cuts, severance and restructuring
Our summaryRetail Banking reduced its headcount by 6.3%, and the savings from this partly offset higher other operating expenses.
Word for word“This was partly offset by savings from a 6.3% reduction in headcount.” 20-F for 2023
Our summaryFull-time equivalent headcount fell 3% in the year, mainly from transforming Retail Banking and withdrawing from the Republic of Ireland.
Word for word“FTE (1) reduced by 3% to c.59,200 in the year principally reflecting the transformation of our Retail Banking business and our withdrawal from the Republic of Ireland.” 20-F for 2024
Our summaryOther operating expenses rose partly due to severance costs, with savings from business simplification offsetting some of the increase.
Word for word“The increase was principally driven by higher staff costs due to inflation and severance costs partially offset by savings from the ongoing simplification of our business and lower costs in relation to our withdrawal from the Republic of Ireland.” 20-F for 2024
Our summaryRetail Banking other operating expenses rose partly due to higher severance and other non-staff costs, partly offset by a 9.8% reduction in headcount.
Word for word“Other operating expenses were £116 million, or 4.3%, higher than 2023 reflecting the Bank of England Levy, higher severance and other non-staff costs, partially offset by a 9.8% reduction in headcount.” 20-F for 2024
Our summaryPrivate Banking other operating expenses rose partly due to higher severance costs.
Word for word“Other operating expenses were £37 million, or 5.5%, higher than 2023 primarily reflecting the Bank of England Levy, higher severance costs and higher investment spend.” 20-F for 2024
Our summaryCommercial & Institutional other operating expenses rose partly due to an increase in severance costs.
Word for word“Other operating expenses were £251 million, or 6.5%, higher than 2023 reflecting the impact of inflationary increases in staff costs, continued investment in the business, introduction of the new Bank of England Levy and an increase in severance costs.” 20-F for 2024
Our summaryPersons employed at year end fell from 61,600 to 59,700, with the largest reduction in Retail Banking and in Republic of Ireland.
Word for word“Total 59,700 61,600 61,000” 20-F for 2024
NatWest Group 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 NatWest Group’s annual reports (20-F for 2025, 20-F for 2024, 20-F for 2023) and the financial data it files with the SEC, as of 2026-02-17. 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.