On July 26, 2023, Alison Rose stepped down as CEO of NatWest Group, following her admission of a “serious error of judgment.” She discussed Nigel Farage’s relationship with the bank to a senior BBC journalist. The board of NatWest accepted her resignation with regret and expressed confidence in interim CEO Paul Thwaite, who currently serves as the chief financial officer.
Paul Thwaite has been with NatWest for over 20 years, holding various senior positions, including chief operating officer and head of retail banking. He expressed honor in his new role and pledged to lead the bank through the transition. However, this change comes amidst uncertainty for NatWest as it faces an investigation by the Financial Conduct Authority (FCA) for its involvement in the Greensill Capital scandal.
The FCA’s probe focuses on whether NatWest adequately assessed the risks related to Greensill Capital, which collapsed in March 2021. Additionally, the bank received criticism for closing Nigel Farage’s bank account. Coutts, a private bank owned by NatWest, took this action, citing disagreement with Farage’s views.
Farage accused NatWest of political bias and called for a boycott of the bank. With the resignation of Alison Rose adding to NatWest’s challenges, it remains to be seen how the bank will navigate these issues under Paul Thwaite’s leadership. The bank’s reputation and future are at stake as it grapples with the aftermath of the Greensill Capital scandal and the controversy surrounding Nigel Farage’s account closure.
As the situation unfolds, stakeholders will closely monitor the decisions made by NatWest’s new CEO and board to steer the bank towards stability and regain public trust. The financial industry’s spotlight will be on NatWest, examining how it addresses political concerns and regulatory matters while maintaining a strong foothold in the market.
