NATWEST bank’s long-term future is being undermined by owners Royal Bank of Scotland (RBS), unions warned yesterday as another 600 job losses were announced.

RBS, 73 per cent owned by the Treasury since the 2008 financial bailout, said yesterday it will be axing 32 NatWest branches nationwide, adding to 385 branch closures in 2014-16.

Banking union Unite said the cuts have also coincided with opening hours changes at 220 branches across the north, hours reductions at 94 Midlands and eastern branches and 1,500 prior job losses so far this year.

“There’s no doubt this latest round of cuts will hurt the bank’s customers as well as our members,” said Unite regional officer Lyn Turner.

“With every branch closure, NatWest is slamming its doors on another community, dangerously undermining the bank’s long-term future.”

The 600 jobs to go will include 200 from London and the south-east and 400 in the Midlands, east and north.

Shadow Treasury minister Richard Burgon said the cuts would hit customers and local communities while putting “hard-working frontline” staff out of work.

“The Chancellor needs to get a grip of the situation,” he said.

“Rather than flogging off shares at any price he can get, and the bank continuing to cut its high street operation, what we need is a long-term plan.” 

NatWest claimed the closures were a result of significant changes to the banking industry over the last few years.

RBS racked up its eighth year in a row of annual losses in 2015, posting a deficit of £2 billion. Chief executive Ross McEwan doubled his salary, taking home £3.8 million.