NatWest leaders are to face shareholder scrutiny after a contentious dispute involving Nigel Farage’s Coutts bank account, which resulted in the ousting of senior executives.
The scandal reached a pinnacle with the resignation of NatWest’s CEO, Dame Alison Rose, and the CEO of Coutts, a subsidiary of the banking group.
The bank is going through a phase of volatility due to the leadership shake-up and mounting pressure on the board to clarify the events that led to the fallout.
Read More: UBS fined $387 million for Credit Suisse’s mishandling of Archegos
Dame Alison acknowledged a “serious error of judgment” after discussing Mr. Farage’s -the former leader of UKIP and the Brexit Party – relationship with Coutts with a BBC journalist.
Although she asserted not disclosing any personal financial information, she said it was “wrong to respond to any question raised by the BBC about this case”.
The subsequent resignation came shortly after the board publicly expressed confidence in Dame Alison as the CEO, necessitating an apparent backpedal on their stance.
Need Career Advice? Get employment skills advice at all levels of your career
It raised concerns over potential breaches of confidentiality at the top level of the bank’s management.
Coutts’ CEO, Peter Flavel, also stepped down, admitting the high-net-worth bank had failed to maintain its usual high standards of personal service.
The remaining top executives may face tough questions regarding handling the situation and the bank’s future plans.
A media briefing is scheduled after the financial results are released this morning (Friday, July 28).
