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

NatWest CEO Paul Thwaite has acknowledged that artificial intelligence will displace certain banking roles within the bank. Speaking about the potential impact on the company's 60,000-strong workforce, Thwaite declined to confirm whether the total headcount would shrink but said it 'is definitely going to change.'

Thwaite's statement comes amid increasing adoption of AI in banking for tasks such as customer service, fraud detection, and back-office processing. While the CEO did not specify which roles would be affected, he suggested that the workforce transformation would be significant. NatWest, like many large banks, has been investing in technology to improve efficiency and reduce costs.

The remarks highlight ongoing concerns about AI's impact on employment in the financial industry. Unions and employee groups have called for clarity on job security as banks implement automation. NatWest has previously announced plans to cut costs, and AI is expected to play a key role in achieving those targets without specifying exact job losses.