Natwest Markets cut another 79 people on a Zoom call

NatWest Markets cut another 79 people this morning. 

Insiders at the bank say 79 front office people in sales, trading and capital markets roles have been informed that their jobs are at risk as the bank "right-sizes" under its new CEO.

Affected employees were informed remotely by Zoom. NatWest has told the majority of its staff they can keep working from home until 2021. 

A spokeswoman for the bank said: “Having realigned our customer-facing business and announced a new management team in August, we have today announced further changes across our Capital Markets, Trading and Customer Sales teams. Supporting those employees who are directly impacted is a priority. We remain fully committed to delivering a successful and sustainable markets business, as part of NatWest’s overall purpose-driven strategy.”

This isn't the first time NatWest has laid staff off virtually: the bank also fired employees by Zoom in April, prompting complaints that unwanted employees were missing out on traditional valedictory pub sessions.

One of those let go today said the cuts came as unexpected. "It was always communicated that our team remained a core product," he says.

NatWest Markets isn't the only bank cutting staff: Deutsche Bank, HSBC and Citi have also resumed layoffs despite the ongoing pandemic.

Photo by Robert Bye on Unsplash

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