NatWest Boss Warns AI Will Replace Some Banking Jobs, June 19

NatWest CEO Paul Thwaite said on June 18 that artificial intelligence will replace some roles at the bank’s 60,000-person workforce. Thwaite did not predict whether total headcount would shrink over the next decade but confirmed the workforce shape will change. The bank already hires more staff for software and AI roles. His comments join warnings from other bank chiefs about technology’s impact on employment.

What Thwaite Said About AI and Jobs

Thwaite told a Times business summit that roles currently performed by humans will be delivered by AI. He stated that ‘there will be roles that currently exist that absolutely to all intents and purposes will be delivered by AI.’ The CEO did not specify which roles face replacement or provide a timeline for job losses. NatWest already employs rising numbers of people in software and AI-related positions.

How This Compares to Other Banks

Thwaite joins a wave of bank leaders acknowledging AI’s workforce impact. Standard Chartered CEO Bill Winters announced 8,000 roles would be replaced with AI and faced backlash for calling affected staff ‘lower value human capital.’ HSBC boss Georges Elhedery said AI ‘will destroy certain jobs and create new jobs.’ Goldman Sachs COO John Waldron described back-office jobs as ‘a human assembly line’ that will become more digitised. Analysts at Morgan Stanley predict more than 200,000 banking jobs across Europe face threat from AI in the next five years.

NatWest’s Strategic Shift

Beyond workforce changes, NatWest is reportedly in talks to sell Cushon, its pensions fintech business, as part of bank-wide simplification efforts under Thwaite. The moves signal a broader restructuring as the bank deploys artificial intelligence across operations. NatWest remains focused on core banking services while shedding non-core assets.

What This Means for NWG.L Investors

Thwaite’s comments signal that cost reduction through automation may support future profitability, though near-term workforce disruption could create operational challenges. The bank’s shift toward AI and away from fintech ventures suggests management is prioritising efficiency over growth in adjacent markets. Investors should monitor how quickly NatWest deploys AI and whether job cuts translate to earnings gains.

Final Thoughts

NatWest CEO Thwaite confirmed AI will eliminate some banking roles as the workforce adapts to automation. With 200,000 European banking jobs at risk over five years, NWG.L faces both cost-saving opportunities and execution risks during the transition.

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