NatWest (NWG) is pulling back from dealing in US and European government bonds and plans to withdraw from primary dealership programs in both markets, Bloomberg reported Thursday, citing people familiar with the matter and a company spokesperson.

The bank plans to cut up to 10 jobs while remaining a primary dealer in the UK bond market and shifting NatWest Markets' focus toward financing, advisory and hedging activities, according to the report, citing the people.

A NatWest spokesperson said the bank is "simplifying" its markets business structure and that the US and Europe remain important markets, Bloomberg added.

NatWest did not immediately respond to requests for comment from MT Newswires.

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