NatWest has decided to slash at least 500 jobs across its retail banking business in a bid to cut costs in the wake of Covid-19-related loan losses, Reuters reported.

The bank is finalizing a voluntary redundancy to retrench full-time roles across its branches and premier banking service.

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A spokesman for NatWest said: “We have taken the decision to invite applications for voluntary redundancy and will support those colleagues who apply with a comprehensive support package.

“There will be no compulsory redundancy as a result of this announcement.”

Once part-time workers are included, the redundancies may affect nearly 800 employees, the publication quoted Trade union Unite national officer Rob MacGregor as saying.

NatWest also said that it would shutter one of its remaining offices in London, which houses 2,500 employees.

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A spokeswoman for NatWest said: “We have been reviewing our London property strategy to better reflect how we will work in the future.

“As a result, we will exit Regents House, and will reconfigure our London remaining properties at 250 Bishopsgate and 440 Strand.”

Additionally, NatWest has also axed more than 130 positions from its investment banking unit NatWest Markets, the report added.

In light of the ongoing Covid-19 pandemic, NatWest has also asked a bunch of its employees to continue working from home until next year.

Banks in the UK are looking to cut costs as the pandemic has severely impacted their finances and led the economy into a deep recession.

Last month, NatWest CEO Alison Rose said that the bank intends to cut as much as £250m ($327m) from costs in 2020.