Could AI reduce NatWest's 60,000-strong workforce?

NatWest's CEO Paul Thwaite has gazed into the crystal ball and seen that AI will 'definitely' change the bank's 60,000-strong workforce. 'Definitely' is doing a lot of heavy lifting there, because what he means is 'many of you will be surplus to requirements, but we can't say that yet.' He declined to confirm whether the headcount would actually shrink, which is corporate-speak for 'yes, obviously, but we need to manage the narrative until the next earnings call.'

This is the dance every bank does. They talk about transformation, upskilling, and redeployment—polite words for a firing squad with a severance package. NatWest isn't alone; the entire sector is salivating at the prospect of replacing expensive humans with algorithms that never ask for a raise. The CEO's carefully chosen evasion is a masterclass in saying nothing while admitting everything.

So 60,000 employees get to enjoy the warm glow of 'definite change' without a definitive 'yes you're fired.' But at least they can take comfort in knowing the AI that replaces them will be incredibly polite about it. Meanwhile, Thwaite will be handsomely rewarded for overseeing this efficiency drive. Cheers, Paul. Another round of 'strategic workforce realignment' for everyone.