[ad_1]
enior bosses at NatWest Group are set to face scrutiny from shareholders following the dramatic fallout in the row sparked by Nigel Farage over the closure of his Coutts bank account.
The scandal culminated in the resignation of NatWest’s chief executive Dame Alison Rose and the boss of Coutts, which is owned by the banking group.
NatWest will follow rivals in unveiling its half-year financial results on Friday.
But the earnings report comes at a time of volatility for the bank with the two bosses resigning and the group’s board facing pressure to explain the events leading up to the fallout.
Dame Alison had admitted a “serious error of judgement” by discussing with a BBC journalist Mr Farage’s relationship with Coutts.
She said she did not disclose any personal financial information but was “wrong to respond to any question raised by the BBC about this case”.
But her resignation came hours after the board said it had full confidence in Dame Alison as chief executive, meaning the bank was forced to backpedal after the statement was given.
It raised concerns over a breach of confidentially at the top echelon of the business.
Meanwhile, Coutts’ chief executive Peter Flavel stepped down on Thursday after admitting the high-net-worth bank had “fallen below the bank’s high standards of personal service”.
Remaining top executives could face questions over the handling of the situation and how it plans to move forward.
They are due to speak to journalists after the financial results are shared on Friday morning.
The bank, whose largest owner is the Treasury, is expected to reveal an operating pre-tax profit of £3.3 billion for the latest half year, up from £2.6 billion in the same period last year.
It could also see its provisions for loan losses surge to £264 million from £70 million in the previous quarter, as it braces for more borrowers struggling with debt repayments.
It follows rival lenders Lloyds Banking Group and Barclays reporting a jump in their half-year profits as they continue to benefit from interest rate rises.
[ad_2]
Source link
