RBS cuts branch managers in London in latest efficiency drive

NATWEST has cut more than 200 branch managers across England, Wales and London in a bid to drive costs.

The RBS brand previously had five grades of branch manager and has reorganised them into just two grades – those who run big branches and those in charge of smaller sites.

It is cutting 361 positions, then creating 116, with a net loss of 245.

Of those, 45 will be deputy branch managers in London. Another 658 team leaders will be moved to new jobs as customer service officers.

It follows a similar move across RBS branches in Scotland earlier this year when 48 managers lost their jobs.

The bank is expected to begin cutting branches as part of chief executive Ross McEwan’s plan to turn the troubled lender around.

However, the job cuts will not affect the RBS-branded branches in England and Wales that are being sold off as new high street lender Williams and Glyn.

Meanwhile, HSBC announced it would create 200 positions across its Scottish offices.