Brief

NatWest reports £420 million cost savings and 1,000 job cuts

The bank posted a 2% rise in operating pre‑tax profit to £2.2 billion and cut its cost‑to‑income ratio to 45.7% year‑to‑date.

By Felo News Desk · Published Fri, 30 Oct 2026 10:47:22 GMT

NatWest Group said its latest quarterly results showed an operating pre‑tax profit of £2.2 billion, about 2% higher than the same period a year earlier, and that an efficiency programme delivered roughly £420 million of cost savings.

What happened

The bank reported net interest income of around £3.6 billion for the three months to September, a rise of nearly 9% on the previous year. As part of its drive to become a simpler, technology‑driven organisation, NatWest cut about 1,000 full‑time positions in the quarter, bringing total job losses for the year to 1,400. The cost‑to‑income ratio fell to 45.7% for the year‑to‑date.

What the reports add

Both the Standard and the Independent noted that NatWest’s efficiency gains came alongside an acquisition of wealth manager Evelyn Partners, which added roughly 2,200 staff to the group’s headcount. The outlets also highlighted that the bank’s technology investment includes trials of an AI‑driven spending‑insights helper and a fraud‑prevention agent for credit‑card customers.

What was said

Chief executive Paul T said the savings and technology trials were helping NatWest move toward a simpler, technology‑focused model, according to the Standard.

How it came about

NatWest’s push for efficiency follows a broader trend among UK high‑street lenders. Earlier this month, Barclays reported a 12% rise in Q3 pre‑tax profit driven by a £200 million cost‑cutting programme. Similar cost‑saving efforts have been reported at HSBC and Close Brothers, as detailed in recent Felo coverage.

Key facts

NatWest reported operating pre‑tax profit of £2.2 billion for the three months to September. (standard.co.uk)
Net interest income rose to about £3.6 billion, up nearly 9% year‑on‑year. (standard.co.uk)
The bank cut roughly 1,000 full‑time jobs in the quarter, totalising 1,400 job losses this year. (standard.co.uk)
Cost‑to‑income ratio fell to 45.7% year‑to‑date after £420 million of savings. (standard.co.uk)
Acquisition of Evelyn Partners added around 2,200 staff to NatWest’s headcount. (standard.co.uk)