The Natwest Coutts saga: turmoil, resignations, and investor scrutiny

Steven

Hey Stephany, did you see that NatWest Coutts saga in the news?

Stephany

Yes, I did. It seems like there's been a lot of turmoil at the bank. The CEO of Coutts Bank, Peter Flavel, resigned, and the Chair of NatWest, Howard Davies, is facing investor scrutiny.

Steven

It all started when Nigel Farage's account was closed without any reason given. He reached out to Flavel, but he never received a reply. It's quite shocking how he was treated after being a customer for 43 years.

Stephany

Farage even warned them that he would go public if they didn't resolve the issue. It seems like they underestimated him or simply didn't care.

Steven

With the resignation of Flavel and the departure of Allison Rose as CEO, it's clear that something went wrong. Davies has apologized for the uncertainty caused and has promised an independent review into the handling of Farage's accounts.

Stephany

That's a step in the right direction, but I'm not sure if it's enough. There are investors who are not happy with Davies' performance, especially after the contradictory statements made about Rose's decision.

Steven

Well, Davies has stated that his intention is to continue leading the board and ensure the stability of the bank. He believes that NatWest remains sound and able to support its 19 million customers.

Stephany

I'm not so sure about that. The fact that other banks, like Barclays, are also facing questions about debanking and scandals shows that this issue is widespread in the industry. It's about more than just one bank.

Steven

You make a valid point. It seems like corporate Britain is being affected by this wake of woke corporatism, where companies claim to be inclusive but exclude those who don't agree with them.

Stephany

Exactly. It's a concerning trend. Anyway, I have to go. I must attend a meeting. Sorry to cut our conversation short.

Steven

No problem, Stephany. Thanks for discussing the news with me. Take care and have a great meeting!

Stephany

You too, Steven. Let's catch up again soon. Goodbye!