NatWest Group Plc is withdrawing from primary dealing in US and European government bond markets, cutting up to 10 jobs as part of a strategic shift. The Edinburgh-based firm will retain its UK bond dealership but refocus its markets unit on financing, advisory, and hedging. A spokesperson stated the move aims to concentrate resources on areas delivering greater customer value.
Despite Q2 markets income rising 18% to £436 million, fixed income revenue fell 28% to £32 million due to volatility and lower volumes. The unit employed 1,600 in December 2025, down from 5,000 in 2019. Once known as Royal Bank of Scotland, the bank scaled back its markets division after the 2008 crisis, rebranding to NatWest in 2020.
The decision is unrelated to recent European bond market turbulence, including widening French-German yield spreads amid fiscal concerns and election anxiety.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing