NatWest CEO Paul Thwaite shrinks bank’s executive team

There is a major restructuring of operations at the UK’s NatWest Group.

New CEO Paul Thwaite is overhauling the bank’s top management by removing “unnecessary complications” as one of Britain’s best-known banks tries to redefine itself.

On Tuesday, Thwaite made several management changes including the appointment of a chief operating officer and the removal of the group’s chief legal officer, according to a statement. Chance and NatWest. Other key changes include the appointment of ten-year veteran Robert Begbie as permanent head of commercial and corporate banking.

The entire board of directors will be reduced to 10 people from 15 previously, the bank said.

According to Thwaite, “customer focus and simplicity needs to start at the top of the bank” so that the bank can focus on increasing the profits that are needed and reducing “unnecessary complications.”

In a statement, NatWest said the new structure would allow it to operate as a “simpler, more integrated business.”

The group has had some big changes this week – just days before its downgrade, the UK government lost its supervisory role over the bank. up to 30% (the risk was as high as 84% ​​at one point). Last May, the taxpayer’s share of NatWest was downgraded under 40%. A slow and steady decline in public ownership could include more buyouts in the coming months and a full government exit by 2026.

Thwaite took over as NatWest’s permanent boss in February from Alison Rose, who fell out with him after a scandal over the revelations of common knowledge related to Brexit leader Nigel Farage which led to his resignation. The row damaged NatWest’s reputation as one of the UK’s leading banks.

Among the many tasks that await Thwaite as he takes up his new role is navigating the difficult financial environment amid high interest rates and inflation in Britain.

Bright side? NatWest performed well in 2023 as far as profits were concerned up to 20% compared to the previous year and returns to shareholders remained strong. For his first year, Thwaite plans to replicate and expand the bank’s core business. And while the taxpayers’ share of NatWest is shrinking, the bank still boasts a 19 million strong customer base in Britain.

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