This saw the bank’s total workforce cut by more than 3 per cent in 2024, incorporating a 10 per cent reduction in workers across its retail banking operations.
Rival bank Barclays, which has a bigger investment bank, said on Thursday it distributed £1.9bn in bonuses to staff last year after growing its annual profit.
Meanwhile, the Government’s stake in NatWest has dropped to below 7 per cent as the bank continues on its path to privatisation, which it expects to reach during the first half of 2025.
The retail bank nonetheless generated less income than in 2023, as borrowing costs started to come down and more people moved savings into accounts with higher interest rates.
NatWest said it benefited from lending growth during the year, with mortgage demand increasing as the property market improved and after acquiring Metro Bank’s loan book.
