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UK News NatWest seeks 550 volunteers for redundancy in latest branch shake-up

16:51  12 august  2020
16:51  12 august  2020 Source:   news.sky.com

Natwest customers slam bank's poor branches and overdraft services

  Natwest customers slam bank's poor branches and overdraft services Taxpayer-backed Natwest operates in the UK under both the Natwest and Royal Bank of Scotland brands. But personal banking customers have ranked both among the poorest for service. Consumer group Which? said the bank rankings, published every six months by the Competition and Markets Authority, should serve as a 'wake-up call' for traditional banks. © Provided by This Is Money Unsatisfied customers: Royal Bank of Scotland's personal banking customers ranked it 18th out of 19 lenders surveyed, with only Tesco Bank faring worse.

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a group of people walking in front of a store: NatWest Group is the new name for the former RBS group of banking brands © Reuters NatWest Group is the new name for the former RBS group of banking brands

NatWest says it is to make around 550 people redundant as the banking sector continues to shift activities from branches to digital services.

The bank pledged there would be no compulsory redundancies and a "comprehensive" package available to those who volunteer to leave their jobs under the offer.

NatWest said no limits or goals had been set on the numbers involved but applications would be reviewed at a regional level to ensure customers continued to receive "best service".

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Redundancy is usually the last resort, why not take a look at our keeping costs down guide to hopefully prevent redundancy in the future. In the case of voluntary redundancy , an employee can nominate themselves. With early retirement, the scenario is very much the same, but the employee will then

The group, which recently changed its name from RBS to reflect the larger NatWest business, said it was looking for branch managers, Premier Banking managers and personal bankers to leave.

While it did not blame the impact of the coronavirus crisis directly, it did cite a continuing customer shift towards online and mobile services at the expense of branches.

Commenting on the planned job losses, a spokesperson said: "We have to respond to changing customer behaviour and the rising customer demand for digital banking services.

"We have taken the decision to invite applications for voluntary redundancy and will support those colleagues who apply with a comprehensive support package.

"There will be no compulsory redundancy as a result of this announcement."

Why are so many banks still opening part-time?

  Why are so many banks still opening part-time? Many branches restricted services during lockdown as they battled staff shortages, with some closing doors altogether. It has meant customers have been forced to queue around the block.Many branches restricted services during lockdown as they battled staff shortages, with some closing their doors altogether.

In total, 128 NatWest and 30 RBS branches up and down the UK are being axed. 'Simple transactions undertaken in branch at NatWest and Royal Bank of Scotland have fallen by 43 per cent since 2010, while online and mobile transactions have increased by more than 400 per cent.'

Royal Bank of Scotland and NatWest have become the latest banks to raise their overdraft rates to just shy of 40%, almost doubling them from their current rate. The two are latest to raise overdraft rates in response to new rules. FCA defends the changes, which some have blamed for banks raising

UK banks have argued for several years that the pick-up in customer demand for digital banking meant demand for branch services had diminished.

Thousands of branches and tens of thousands of jobs have been lost as a result.

Critics have accused lenders of being only interested in slashing costs, leaving many town and village communities without access to physical banks in the process.

The COVID-19 pandemic will have only further dented customer numbers using branches.

NatWest, which announced last month that 50,000 staff were being asked to continue working from home until 2021, also confirmed on Wednesday it was to leave its Regents House base in London following a review of its property use across the capital.

"Our ways of working had been evolving, even before the coronavirus pandemic", the spokesperson added.

"We have been reviewing our London property strategy to better reflect how we will work in the future."

"As a result, we will exit Regents House, and will reconfigure our London remaining properties at 250 Bishopsgate and 440 Strand."

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