NatWest Chief Accused of 'Scaremongering' Over AI Jobs Warning

NatWest chief executive Paul Thwaite has drawn criticism after acknowledging that artificial intelligence will take over some jobs in banking, with the Parliament Street think tank accusing him of "scaremongering" the workforce.

Speaking at a business summit hosted by The Times, Thwaite said he did not know for certain whether the bank's 60,000-strong workforce would shrink over the next decade, but conceded it "is definitely going to change." He added that "there will be roles that currently exist that absolutely, to all intents and purposes, [will be] delivered by AI." NatWest already employs growing numbers of staff in software and AI-related roles.

His remarks follow a run of blunt interventions from banking leaders on AI and jobs. Standard Chartered chief Bill Winters was forced to apologise last month after describing staff facing cuts as "lower value human capital," as the bank said 8,000 roles would be replaced with AI.

Patrick Sullivan, CEO of the Parliament Street think tank, was sharply critical. "Another day, another city chief scaremongering the workforce without due consideration for the consequences," he said. "What we need from finance chiefs is a clear action plan for how tools like AI will reshape the jobs market and turbocharge the economy."

Others argued the picture is not one-directional. Kenny MacAulay, CEO of accounting platform Acting Office, said AI would replace jobs but also create new ones: "The banking and finance industry is notorious for mismanaging tech deployments. AI will indeed sweep away crumbling systems and streamline a new wave of productivity. But these systems will still need to be reviewed, fine-tuned and modelled," pointing to an eventual net gain in roles.

The exchange captures a widening tension in the sector, as bank bosses weigh candour about automation against the risk of unsettling staff before they can set out how the transition will actually be managed.