NatWest to close Polish operations

NatWest plans to close its operations in Poland where the bulk of the 1,600 staff are employed in the UK bank’s financial crime unit.

The decision follows the completion of a specific project that some of the employees were working on, according to a person familiar with the matter. The jobs will be cut in two stages with the bank exiting Poland by the end of next year.

Paul Thwaite, who NatWest made its interim chief executive following the departure of Dame Alison Rose last year before giving him the job permanently in February, has vowed to simplify the bank’s operations.

Earlier this year, Thwaite announced a string of management changes, cutting the bank’s executive committee by a third, to remove “unnecessary complexity”.

“In line with our focus on simplifying NatWest Group, we continue to review how we organise ourselves in the most efficient and effective way,” NatWest said. “As a result, we have taken the decision to close our operations in Poland from the end of next year.”

The financial crime project that completed in Poland was focused on know-your-customer processes and due diligence on clients, a person familiar with the matter said. Alongside financial crime, staff in Poland are also employed in technology and finance.

While staff in Poland will lose their jobs, the net reduction in the bank’s 61,000-strong workforce will be between 700 and 800, according to a person familiar with the matter.

The bank intends to create new jobs within the financial crime unit in India and the UK, where the division together employs about 5,000 people.

Earlier this year, Lloyds Banking Group overhauled its risk management function and told staff it would cut 150 jobs as a result of the changes.

Since Thwaite took the top job at NatWest on a permanent basis, the UK has cut its stake in the bank to below 22 per cent.