NatWest Group (NWG) has begun relocating its wealth management operations from Switzerland to the UK, aiming to reduce costs, Bloomberg News reported, citing Chief Executive Officer Paul Thwaite at Goldman Sachs Group's (GS) investor conference on Thursday.
The lender has also started relocating roles to lower-cost locations, such as India, Thwaite said, adding that NatWest expects to be able to limit its expenses this year despite wage inflation.
The company has also been consolidating its real estate holdings, according to the report.
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