NatWest has announced that it has cut 1,400 jobs in the year to date as part of its £420m cost-saving drive.

The bank reported in its Q3 trading report that its attributable profit totalled £1.5bn in the three months to 30 September, and reached £4.6bn in the nine months to the end of September.

Its income also reached £13.3bn in the nine months to 30 September, up from £12.1bn in the previous year, while its return on tangible equity reached 21.6% in Q3, down from 22.3% last year.

In its retail banking division, mortgages increased by £1.2bn and deposits rose by £3.1bn. It has also exceeded its 2026 first-time buyer lending target, delivering over £10bn in lending.

In its private banking and wealth management division, its integration of Evelyn Partners is progressing well, with both businesses growing. NatWest delivered £1bn of assets under management net inflows.

Furthermore, its commercial and institutional division recorded a net loans increase of £6.7bn to customers, while customer deposits rose by £2bn in the quarter.

The update comes as NatWest stated that it is making the bank "simpler and more productive", while improving how it serves customers.

It said that it has delivered cost savings of around £420m through structural simplification and sustained investment in its technology platforms. This comes alongside the launch of its AI Spending Insights tool trial in the quarter, designed to make it easier for customers to understand and manage their spending.

Chief executive at NatWest, Paul Thwaite, stated: "NatWest Group has delivered another strong performance in the third quarter of 2026, underpinned by the activity of more than 20 million customers and the significant role we play in supporting economic growth across the UK. As we help more customers to save and invest, buy a home or expand their businesses, we continue to see broad-based growth in our three customer franchises, with lending, deposits and assets under management all increasing during the quarter."

In its outlook, NatWest reaffirmed its guidance provided in its H1 update, basing this outlook on its latest expectations for interest rates and economic conditions.

Following the update, shares in NatWest increased by 1.7%.

Thwaite concluded: "Our strategy is consistently delivering sector-leading growth and returns, with a return on tangible equity of 20.2% for the year to date, supported by greater income diversification, disciplined cost management and strong capital generation. We are confident in the strengths we’ve created and in the opportunities we see ahead, as we continue to invest in our capabilities, deepen customer relationships and support growth across the UK."

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