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    NWG   GB00B7T77214

NATWEST GROUP PLC

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NatWest : Only 13% of NatWest staff to return to office full-time

06/01/2021 | 06:36am EDT

* A third of staff to work mainly from home

* Bank has no immediate plans to cut more offices

* Pandemic causing permanent changes to work habits

LONDON, June 1 (Reuters) - Britain's NatWest expects only about 13% of its staff to return to primarily office-based working, the lender said on Tuesday as it revealed a three-pronged approach to post-pandemic working habits.

A NatWest spokeswoman told Reuters that 55% of staff will adopt a hybrid working model, mixing home and office working, while 32% will adopt a 'remote-first' model with a minimum of two days a month in the office and the remainder sticking with the 'office-first' model.

"For some of you, it will be clear which category your role fits within. For others, it may be less clear – and may depend on other factors," Chief Executive Alison Rose had told staff in a speech subsequently posted on the bank's website on Tuesday.

The changes will take place after consultation with employees' managers and in a phased manner, Rose said.

The update from NatWest offers one of the clearest signs yet from a major British bank of how employees' working lives will change as many of the home-working arrangements required during the pandemic are adopted permanently.

Despite the shift to more remote working NatWest has no immediate plans to close more offices, the spokeswoman said, in contrast with some British banks.

HSBC aims to cut its office footprint by 40% over the long term, the bank said in February, and is moving about 1,200 call centre staff in Britain to permanent home working, Reuters reported in April.

NatWest has so far only closed its Regents House office in London and is keeping its real estate under review, the spokeswoman said.

The bank has spent the past year converting its offices to suit the new working patterns, with more space for collaboration and drop-in workers, she added. (Reporting by Lawrence White Editing by Jan Harvey and David Goodman)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
HSBC HOLDINGS PLC -0.89% 397.45 Delayed Quote.4.91%
NATWEST GROUP PLC -1.22% 202.4 Delayed Quote.20.73%
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Financials
Sales 2021 11 059 M 15 378 M 15 378 M
Net income 2021 2 110 M 2 934 M 2 934 M
Net Debt 2021 - - -
P/E ratio 2021 11,9x
Yield 2021 3,69%
Capitalization 23 415 M 32 562 M 32 561 M
Capi. / Sales 2021 2,12x
Capi. / Sales 2022 2,11x
Nbr of Employees 59 600
Free-Float 44,3%
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Mean consensus OUTPERFORM
Number of Analysts 22
Last Close Price 202,40 GBX
Average target price 231,24 GBX
Spread / Average Target 14,2%
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Managers and Directors
Alison Marie Rose-Slade Chief Executive Officer & Director
Katie Murray Chief Financial Officer & Executive Director
Howard John Davies Chairman
Simon Anthony McNamara Chief Administrative Officer
Robert Andrew Joseph Gillespie Independent Non-Executive Director
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