Royal Bank of Scotland (RBS) is reportedly planning to cuts thousands of jobs at Natwest as a part of its cost-cutting strategies.

According to Sunday Times, RBS’ first woman boss Alison Rose has constituted a team of senior executives to work on a project, called Project Tusk, to slash costs at Natwest.

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RBS job cuts

The report suggests that move may affect 3,700 retail banking jobs at Natwest and yield a cost savings of more than $156m for the state-owned banking group.

RBS currently employs 65,000 staff globally, of which over 33% work in the retail banking arm.

However, no final decision has yet been taken regarding the job cuts and the bank may announce the decision along with its annual results next month.

Appointed in November last year, Rose on her very first day warned that RBS would need to “reduce the bad costs across the bank.”

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Initially, it was speculated that Rose would look to trim costs at Natwest Markets, the investment banking arm of Natwest, however, now focus seem to the entire group.

Soon after Rose initiated the overhaul of the management team of the underperforming division, Natwest Markets CEO and CFO stepped down.

According to media reports, RBS’ digital banking platform CEO Mark Bailie is also preparing to leave the organisation.