Royal Bank of Scotland (RBS) is reportedly planning to cuts thousands of jobs at Natwest as a part of its cost-cutting strategies.
Under Alison Rose, who last November became the first woman to run RBS, senior executives are working on "Project Tusk" to slash costs.
The report suggests that move may affect 3,700 retail banking jobs at Natwest and yield a cost savings of more than £120m for the taxpayer-owned lender, according to The Sunday Times.
RBS currently employs 65,000 staff globally, of which over 33% work in the retail banking arm. It was not clear if this would lead to more branch closures.
RBS said it "did not recognise" the figures and there are not thought to be any plans for an announcement on jobs at the bank's full-year results statement on 14 February.
Since Rose's appointment was announced in September, several senior managers have departed including Chris Marks and Richard Place, who were the CEO and chief financial officer of NatWest Markets.
On her first day at the helm, Rose warned staff that RBS would need to "reduce the bad costs across the bank".
According to media reports, RBS' digital banking platform CEO Mark Bailie is also preparing to leave the organisation.