A CEO quits and the BBC apologizes to Trump-ally Nigel Farage. A banking scandal erupts in Britain
LONDON — NatWest Group CEO Alison Rose resigned after a media storm over the termination of Brexit figurehead Nigel Farage's bank account by sister lender Coutts.
Rose admitted Tuesday to having discussed the details of Farage's account with a BBC reporter and having thus been the source of a controversial story for which the national broadcaster has since issued an apology.
Initially, the board reiterated its support for her to stay on as CEO, but at 2 a.m. Wednesday the bank announced her immediate departure by mutual consent.
In a statement, Rose said she remained «immensely proud of the progress the bank has made in supporting people, families and business across the U.K., and building the foundations for sustainable growth.»
NatWest is 39% owned by the British taxpayer following the 2008 crisis, heightening the public interest in the bizarre saga.
«Despite a stellar performance as the first woman to take the helm of a U.K. bank, her mistake in discussing sensitive customer details with a journalist broke a sacred trust with the British public and her decision to step down was the only viable path,» said Danni Hewson, head of financial analysis at AJ Bell.
«She will be a loss, having worked her way up the ranks and championed diversity and inclusion in the sector with a huge focus on getting more women in financial services. But NatWest is no ordinary bank, it is still almost forty percent owned by the U.K. taxpayer, and the political and regulatory ramifications of this episode are likely to ripple out for months to come.»
Farage was informed last month that Coutts — a high-end private bank and wealth manager requiring clients to hold a minimum of £1 million ($1.29 million) in investments or borrowing, or £3 million
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