NatWest new CEO slashes executive committee

Paul Thwaite

The new chief executive of NatWest Group — the bank formerly known as Royal Bank of Scotland — has slashed the company’s executive committee to remove “unnecessary complexity.”

NatWest CEO Paul Thwaite has announced the management changes to staff.

The changes include the exit of group chief legal officer and general counsel Gideon Moore and the departure of director of strategy and corporate development Matt Austen.

Meanwhile, NatWest-RBS veteran Robert Begbie has been approved by UK regulators as the group’s permanent chief of commercial and institutional banking.

NatWest is recruiting a head of NatWest Markets and a new chief corporate affairs officer.

Other changes include the creation of a new “group chief operating office” to be led by Jen Tippin.

The 2024 Annual General Meeting of NatWest-RBS will be held at the group’s Scottish HQ at Gogarburn, Edinburgh, on April 23, 2024.

Confirming a report in London newspaper The Financial Times, NatWest said: “Today, we have announced changes to our structure, which will help us shape the future of the bank and accelerate the delivery of the priorities set out at our recent financial results.

“The new structure will enable NatWest Group to operate as a simpler, more integrated business and, ultimately, better serve and support our customers.”