Who is Paul Thwaite? Meet NatWest's Interim CEO
by Swetha P
Updated Jul 26, 2023
Who is Paul Thwaite?
Paul Thwaite is a prominent figure in NatWest, currently serving as the Chief Executive of the Commercial and Institutional business. He assumed this role in July of the previous year. Prior to that, Mr. Thwaite held the position of CEO for the Group's Commercial Banking division since November 2019. With a strong background in Wholesale, Corporate, International, and Retail Banking, he has also taken the lead in guiding NatWest's response to supporting customers during the challenging times of the Covid pandemic.
During his career, Paul Thwaite has held significant roles, including Managing Director and Chief Risk Officer in International Banking, where he operated in various locations such as the UK, Europe, and the US. Notably, he has actively contributed to NatWest's diversity, equality, and inclusion agenda, driving targeted programs and initiatives across the organization.
Mr. Thwaite's appointment as interim CEO follows the resignation of Dame Alison Rose amid a controversy over the closure of Nigel Farage's bank accounts at Coutts, which led to intense media and political scrutiny. Pending regulatory approval, Paul Thwaite will take on the responsibilities of Chief Executive for an initial period of 12 months, as the board undertakes a further process to appoint a permanent successor.
What Led to Alison Rose's Departure?
Alison Rose's departure from her position as Chief Executive Officer of NatWest was prompted by a significant lapse in judgment on her part. She openly admitted to engaging in discussions with a BBC journalist about Nigel Farage's relationship with the bank, which proved to be a serious error. The controversy arose when NatWest's private banking division, Coutts, decided to close Farage's accounts, sparking intense scrutiny and public outcry.
The subsequent review revealed that political considerations were taken into account alongside commercial factors when making this decision. The mounting pressure from politicians and the media, coupled with the revelation of political bias in the account closure, created an untenable situation for Rose, ultimately leading to her resignation.
Paul Thwaite Takes the Helm: Meet NatWest's Interim CEO
With the departure of Alison Rose as CEO of NatWest, the responsibility now falls on Paul Thwaite, the existing Chief Executive of the Commercial and Institutional business, who has been selected as the interim CEO for an initial period of 12 months. Thwaite brings to the role a wealth of experience in various sectors of the banking industry, including Wholesale, Corporate, International, and Retail Banking.
His previous tenure as CEO of the Group's Commercial Banking division further solidifies his qualifications for this critical leadership position. Beyond his financial acumen, Thwaite has shown a commitment to driving positive change within the organization, actively participating in initiatives centered around diversity, equality, and inclusion. As he takes the helm, all eyes will be on Thwaite as he navigates the bank through this transitional phase and works to uphold NatWest's reputation and commitment to serving its customers and stakeholders.
Farage's Account Closure and Political Impact on Banks
The closure of Nigel Farage's accounts at Coutts, which is a subsidiary of NatWest, has sparked significant discussions surrounding the potential impact of political views on banking decisions. The incident came under intense scrutiny when a review revealed that Farage's values and political affiliations played a role in the bank's decision to terminate his accounts.
This development has raised concerns about the implications of banks refusing services based on individuals' political beliefs, potentially leading to debates on the boundaries between financial institutions and politics. The matter has drawn the attention of politicians and financial regulators, who may now assess the need for clearer guidelines and policies to ensure fair and impartial treatment of customers, regardless of their political inclinations.
NatWest's Future and the Need for an Independent Review
Following Alison Rose's resignation and the appointment of Paul Thwaite as the interim CEO, NatWest finds itself at a pivotal juncture marked by significant changes. In response to the controversy surrounding the closure of Nigel Farage's accounts, the bank's board has taken the initiative to conduct an independent review.
This thorough investigation will delve into the circumstances surrounding the account closure, particularly the role of political considerations in the decision-making process. The outcome of this review will carry significant implications for NatWest's future trajectory, potentially leading to the implementation of new policies and practices concerning customer accounts and their relationship with political affiliations.
Paul Thwaite Career
Paul Thwaite has had a distinguished and extensive career within the banking and financial sector. He joined NatWest Group Plc, a prominent British bank, and assumed various leadership roles over the years, showcasing his expertise and capabilities in different areas of the industry.
Before his appointment as the Chief Executive of the Commercial and Institutional business, a position he has held since July of the previous year, Thwaite served as the CEO of NatWest's Commercial Banking division, starting in November 2019. In this role, he was responsible for overseeing and supporting business customers, ranging from startups to large multinational corporations.
Thwaite's career trajectory also includes crucial positions in Wholesale, Corporate, International, and Retail Banking. He has held Managing Director and Chief Risk Officer roles in International Banking, gaining invaluable experience in the UK, Europe, and the United States. Furthermore, Paul Thwaite played a crucial role in leading NatWest's response to the challenges posed by the Covid pandemic. His involvement in guiding the bank through this difficult period showcased his ability to navigate and adapt to complex and dynamic situations.
Who is Paul Thwaite? - FAQs
Alison Rose resigned as NatWest CEO after admitting a "serious error of judgment" in discussing Nigel Farage's relationship with the bank to a BBC journalist amid the controversy over the closure of Farage's accounts by Coutts.
Paul Thwaite is the current Chief Executive of the Commercial and Institutional business at NatWest and has been appointed as the interim CEO following Alison Rose's resignation.
An internal review revealed that Nigel Farage's political views were considered along with commercial factors when Coutts decided to close his accounts.
As interim CEO, Paul Thwaite will take over Alison Rose's responsibilities for an initial period of 12 months, subject to regulatory approval, until a permanent successor is appointed.
The NatWest board will conduct an independent review to investigate the circumstances surrounding the closure of Nigel Farage's accounts and make decisions on future policies and actions.