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This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/natwest-ceo-steps-down-after-political-fallout-from-closed-account-a8d1908a
Persons: Dow Jones Organizations: natwest
London CNN —The CEO of one of the biggest banks in the United Kingdom has resigned after admitting she leaked details of Brexit campaigner and political commentator Nigel Farage’s finances to BBC News. The lender was later revealed in UK media to be Coutts, a bank for the rich owned by NatWest. Mr Farage said he believed the decision to close his Coutts account was due to his political views. The BBC then reported that it had been told by a senior source at the bank that Farage’s accounts had been closed for commercial reasons. On Tuesday night, Alison Rose confirmed she had been the source for the BBC report and apologized.
Persons: Nigel Farage’s, Alison Rose, , Nigel Farage, Donald Trump, Coutts, Mr Farage, Farage, ” Alison Rose, Paul Thwaite Organizations: London CNN, BBC News, NatWest, BBC Locations: United Kingdom,
When Nigel Farage campaigned for a fellow populist, Donald J. Trump, in Arizona in 2020, he seemed like a faded star seeking the spotlight abroad after it had swung past him at home. Having helped mobilize the pro-Brexit vote in 2016, Mr. Farage was marginalized in Britain, then consumed by the pandemic. No longer: For three weeks, Mr. Farage, has been back on the front pages of British papers, with an attention-grabbing claim that his exclusive private bank, Coutts, dropped him as a customer because of his polarizing politics. Early on Wednesday, after Mr. Farage’s allegations were largely vindicated, the chief executive of his bank’s parent, NatWest Group, resigned after she admitted improperly discussing his bank account with a BBC journalist. It was a striking turn of events for a political insurgent who became, for many, a reviled symbol of Brexit, and later, a culture warrior on right-wing television.
Persons: Nigel Farage, Donald J, Trump, Farage, Coutts, Alison Rose Organizations: NatWest Group, BBC Locations: Arizona, Britain
UK's FTSE 100 slips on dour earnings; NatWest falls
  + stars: | 2023-07-26 | by ( Shashwat Chauhan | ) www.reuters.com   time to read: +2 min
The FTSE 100 index (.FTSE) lost 0.2%, while the more domestically focussed FTSE 250 midcap index (.FTMC) was flat. UK earnings season picked up pace with Lloyds Banking Group(LLOY.L), Britain's biggest mortgage lender, posting a pre-tax first-half profit below analysts' forecast compiled by the bank. The lender fell 2.7%, while the UK banks index (.FTNMX301010) slipped 0.9%. Rolls-Royce (RR.L) soared 19.3%, to hit its highest level in over three years after the aero-engineering company raised its full-year operating profit forecast. Reporting by Shashwat Chauhan in Bengaluru; editing by Eileen Soreng and Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.
Persons: Royce, Aston Martin, Alison Rose, Nigel Farage, Georgina Cooper, Aston, Shashwat Chauhan, Eileen Soreng, Sohini Organizations: HY, U.S, Fed, Lloyds, NatWest, NatWest Group, BBC, Lloyds Banking Group, BNY, Equity, Rio Tinto, Royce, Dunhill, Tobacco, Aston Martin Lagonda Global Holdings, U.S . Federal Reserve, Thomson Locations: Rio Tinto, London, Rio, Bengaluru
The departure of Ms. Rose, the first woman to lead a major British bank, who had been charged with transforming an institution marred by scandal, has been swift. Less than a month ago, Mr. Farage, the former leader of the UK Independence Party, said that his account at Coutts, the private bank owned by NatWest, had been closed because of his political views. The apology and a promise to review the bank’s policies was not enough to ease the pressure on Ms. Rose. Reports late Tuesday night that the government, which has a 39 percent stake in the bank, was “significantly concerned” about Ms. Rose’s leadership seemed to seal her fate. Before dawn, the bank announced her immediate departure.
Persons: Alison Rose, Nigel Farage, Ms, Rose, Farage, Coutts, Rose’s Organizations: NatWest, European Union, UK Independence Party, BBC Locations: British
LONDON, July 26 (Reuters) - Lloyds Banking Group (LLOY.L) reported a higher charge for troubled loans and missed first-half profit expectations as Britain's economic chills weighed on its finances and upped pressure on management to do more to help struggling savers. Lloyds shares fell 5% in early trading against a flat FTSE 100 index (.FTSE). Lloyds shares fell 5% in early trading on Wednesday, against a flat FTSE 100 index (.FTSE). The bank said it expected this to fall more slowly than previously forecast, dipping to 3.10% this year instead of 3.05%. ($1 = 0.7754 pounds)Reporting by Iain Withers and Lawrence White; editing by Sinead Cruise and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.
Persons: Zoe Gillespie, we’ve, Fran Boait, Charlie Nunn, Nunn, Alison Rose, Nigel Farage, Coutts, Iain Withers, Lawrence White, Sinead Cruise, Jason Neely Organizations: Lloyds Banking Group, Lloyds, . Banking, JPMorgan, Bank of, RBC Brewin Dolphin, NatWest, Thomson
Government’s NatWest meddling crosses risky line
  + stars: | 2023-07-26 | by ( Liam Proud | ) www.reuters.com   time to read: +4 min
Meddling ministers crossed a line, and may struggle to retreat back onto the right side of it. Its shares fell a modest 3% on Wednesday morning – compared with 1% on average for Lloyds Banking Group (LLOY.L), Barclays (BARC.L) and Virgin Money UK (VMUK.L). Rose’s strategy of cutting costs, continuing to scale back risky trading and focusing on core UK retail banking was working. Britain’s Economic Secretary to the Treasury Andrew Griffith said on social media site X, formerly known as Twitter, that “it is right that the NatWest CEO has resigned”. Domestic rivals Lloyds Banking Group, Barclays and Virgin Money UK were down 2% on average.
Persons: Alison Rose, Rose, Rishi Sunak, Jeremy Hunt, Nigel Farage, Andrew Griffith, Coutts, aren’t, Nigel Farage's, Paul Thwaite, George Hay, Pranav Kiran, Streisand Neto Organizations: Reuters, Economic, NatWest, BBC, Royal Bank of Scotland’s, UK Government Investments, . Mortgage, Lloyds Banking Group, Barclays, Virgin Money, Lloyds, Domestic, Thomson Locations: NatWest’s
NatWest CEO Alison Rose on Wednesday stepped down with immediate effect after she admitted a "serious error of judgment" in discussing former Brexit party leader Nigel Farage's relationship with the bank with a senior BBC journalist. The board appointed Paul Thwaite to helm NatWest for an initial period of 12 months, the company said in a statement. "The board and Alison Rose have agreed, by mutual consent, that she will step down as CEO of the NatWest Group," Howard Davies, chairman of the board, said. Coutts' website advises its clients should be able to borrow or invest at least 1 million pounds with the bank or hold 3 million pounds in savings. Britain's Financial Conduct Authority (FCA) said it had urged the NatWest board to review the matter independently and welcomed its statement.
Persons: Alison Rose, Nigel Farage's, Paul Thwaite, Howard Davies, Coutts, Rose, Farage, Peter Flavel, NatWest's Davies, Davies, Rose —, Simon Jack, Jack, Sheldon Mills, Andrew Griffith Organizations: NatWest, BBC, NatWest Group, BBC Business, Authority, Treasury, Reuters, Government Investments
NatWest lifer Rose climbed up the ranks over more than three decades from graduate trainee to boardroom, becoming the first woman to run one of Britain's major banks. "You can be a hero one day, a zero the next, as Alison Rose has found out." Davies lamented the "sad moment" while Rose paid tribute to colleagues who had helped her build solid foundations for the bank, in a statement accompanying the news. RBS TO NATWESTRose succeeded Ross McEwan as CEO of NatWest in 2019, becoming the lender's first female boss. But under Rose's supervision, the bank became one of Britain's biggest participants in government-designed loan schemes to keep ailing businesses afloat.
Persons: Alison Rose, Nigel Farage, NatWest lifer Rose, Coutts, Rishi Sunak, Rupert Younger, Rose, Howard Davies, Rose's, Davies, Charlie Nunn, Farage, impinging, NATWEST Rose, Ross McEwan, McEwan, Stephen Hester, Fred Goodwin, Lawrence White, Conor Humphries Organizations: NatWest's, Brexit Party, NatWest, Oxford University's, Lloyds Banking Group, Britain's, RBS, NATWEST, Royal Bank of Scotland, Thomson Locations: Europe, Westminster, Britain
Alison Rose, NatWest chief executive, (right) departs 10 Downing Street in London, after meeting with Chancellor Jeremy Hunt. Prime Minister Rishi Sunak and several members of his Conservative government issued statements condemning the bank and characterizing the termination of Farage's account as an affront to free speech. Farage was offered an alternative account at regular main street bank NatWest, but declined. His critics maintain that although frequent references are made to Farage's political profile and controversial views, the reasons outlined for allowing the banking relationship to lapse were primarily commercial, and he was not "de-banked" as he claims. Without the mortgage, the bank indicated that Farage's account value would fall below its commercial criteria.
Persons: Jonathan Bachman, Alison Rose, Nigel, Coutts, Rose, Danni Hewson, AJ Bell, Farage, Coutts —, Chancellor Jeremy Hunt, James Manning, Rishi Sunak, Nigel Farage, , DANIEL LEAL, Donald Trump, Vladimir Putin, Frances Coppola, Coppola, Dave Rushen Organizations: Getty, LONDON, NatWest, BBC, UBS, Conservative, Brexit Party, Independence Party Leader, U.K, Independence Party, UKIP, Sky News, NatWest Group, Company Locations: London, U.K, inclusivity, Leicester, British
NatWest has faced intense political and media scrutiny over a decision by its private bank Coutts to close Farage's accounts. In a post on the X social media platform on Wednesday, Farage called for further heads to roll in the wake of Rose's resignation. On Tuesday, Farage said on his eponymous TV show that Rose was "unfit" to run a bank. She realised that her comments had left Jack with the impression that the decision to close Farage's accounts was solely a commercial one, Rose said in the statement. Rose also said she was not part of the decision-making process to "exit" Farage's accounts and said this was a decision made by Coutts.
Persons: Alison Rose, Nigel Farage's, Paul Thwaite, Coutts, Farage, Rose, Simon Jack, Howard Davies, Davies, Peter Flavel, Jack, NatWest's, Sheldon Mills, Andrew Griffith, Iain Withers, Sinead Cruise, Urvi, Juby Babu, Simon Jessop, Mark Potter, Edwina Gibbs, Louise Heavens Organizations: NatWest, BBC, BBC Business, UK Treasury, Reuters, Government Investments, Authority, Thomson Locations: Bengaluru
Far-right parties are propping up coalitions in Finland and Sweden. Afraid of losing voters to UKIP (and other far-right parties), the governing Conservatives ended up adopting many of its positions. Chesnot/Getty Images Europe/Getty ImagesConversely, far-right parties have attempted to sanitize some of their rhetoric, hoping to appear a more credible electoral prospect. Leon Neal/Getty ImagesA different type of populismAnd so the recent successes of far-right parties cannot be explained by dramatic shifts in public opinion. A lot depends on the ability of mainstream parties – particularly on the left – to build tents big enough to accommodate their differences, rather than compromising with far-right parties to prop up their coalitions.
Persons: Donald Trump, , Emmanuel Macron, Angela Merkel’s, Mario Draghi, Jaroslaw Kaczynski, Viktor Orban, Andrej Babis, Czech Michael Bloomberg, Czech Donald Trump, Meloni, Mussolini, Nigel Farage, Jack Taylor, Farage, Jean, Marie Le Pen, Marine, Lionel Jospin, Jacques Chirac, Petteri Orpo, Sanna Marin, Vilhelm Junnila, Ulif Kristersson, Mark Rutte’s, Pen, Chesnot, Philippe Marlier, ” Le, Matteo Salvini, Vladimir Putin, Tino Chrupalla, Alice Weidel, Thomas Lohnes, Omer Messinger, Larry Bartels, Boris Johnson, Leon Neal, Giorgia Meloni, Odd Andersen, Orban, Kaczynski, Rutte’s, Pedro Sanchez Organizations: CNN, White, Channel, European Central Bank, Italy’s, Vox, UK Independence Party, UKIP, European Union, EU, Conservatives, National, Socialist, Socialists, Finns Party, Swedish, Sweden Democrats, Rassemblement National, University College London, Lega, Ukraine, Russia, Former British, Italy's, NATO, Getty, Spain’s Locations: United Kingdom, United States, Europe, Brussels, Spain, Poland, Hungary, Germany, Czech, France, Finland, Sweden, Austria, European, Netherlands, Russian, Oxfordshire, Vilnius
NatWest goof is a boon for sketchy bank clients
  + stars: | 2023-07-21 | by ( Liam Proud | ) www.reuters.com   time to read: +5 min
LONDON, July 21 (Reuters Breakingviews) - A row between right-wing talking head Nigel Farage and UK bank NatWest (NWG.L) could have much broader consequences. Last November, a reputational risk committee of NatWest’s exclusive private bank Coutts decided to ditch Farage by summer 2023. After closing the Coutts wealth account, NatWest offered Farage a standard one at the parent group instead, for example. But for now the biggest winners from the Farage-Coutts row seem to be sketchy UK bank customers. Briefing papers presented to Coutts’ wealth reputational risk committee said Farage was “considered by many to be a disingenuous grifter”.
Persons: Nigel Farage, Alison Rose, Farage, Coutts, didn’t, Rose, Andrew Griffith, Coutts ’, , ” Farage, George Hay, Oliver Taslic Organizations: Reuters, NatWest, Conservative, Treasury, Financial Ombudsman Service, Twitter, UK Independence Party, Thomson
LONDON, July 20 (Reuters) - Banks in Britain will be forced to explain and delay any decision to close an account under new rules announced by the finance ministry on Thursday. "The government has stepped in to address fears that banks are terminating accounts because they disagree with someone’s political beliefs," the Treasury said in a statement. On Wednesday, the Financial Conduct Authority said it was talking to NatWest about the handling of Farage's accounts. Under the new rules, banks will need to explain any closure and customers will be given more time - 90 days - to challenge a decision through the Financial Ombudsman Service, or find a replacement bank, the Treasury said. Reporting by William James, Editing by Kylie MacLellanOur Standards: The Thomson Reuters Trust Principles.
Persons: Nigel Farage, Banks, Andrew Griffith, William James, Kylie MacLellan Organizations: Treasury, Financial, Authority, NatWest, Financial Ombudsman Service, Thomson Locations: Banks, Britain
LONDON, July 20 (Reuters) - British bank NatWest has apologised to former Brexit party leader Nigel Farage for the handling of the closure of his accounts with its private banking arm Coutts, according to two reporters citing copies of the letter on Twitter. The letter from NatWest CEO Alison Rose comes after Farage complained publicly about his treatment by the bank and claimed his services were being cut over his political views. NatWest was not immediately available for comment. Reporting by Iain Withers; editing by William JamesOur Standards: The Thomson Reuters Trust Principles.
Persons: Nigel Farage, Coutts, Alison Rose, Farage, Iain Withers, William James Our Organizations: NatWest, Twitter, Thomson
Reuters previously reported that Coutts was closing Farage's accounts mainly for commercial reasons, citing a source familiar with the matter. The BBC previously reported Farage had fallen below the financial threshold required to be a customer of the private bank - something Farage said he had had no knowledge of. A Coutts spokesperson told Reuters that its ability to respond to Farage's fresh claims were restricted by obligations to protect client confidentiality. Farage told Reuters the issue "raises very broad questions about our banks and how deeply political they have become." Farage previously said he believed it was because he was deemed a "politically exposed person" (PEP), meaning banks have to apply additional scrutiny to accounts.
Persons: Nigel Farage, Coutts, Farage, Donald Trump, Iain Withers, Sinead Cruise, David Evans Organizations: Brexit Party, NatWest Group, Twitter, Reuters, BBC, Farage, Britain's Daily Telegraph, Thomson Locations: Russia
Donald Trump Jr. postponed his three-day tour of Australia, citing visa issues. O'Neil called Trump Jr. a "big baby" and a "sore loser" in a series of since-deleted tweets. "Geez, Donald Trump Jr is a bit of sore loser," O'Neil wrote in a series of since-deleted tweets. "Donald Trump Jr. had attracted huge interest and 8,000 tickets had already been sold. O'Neil, Trump Jr, and Farage did not immediately respond to Insider's request for comment.
Persons: Donald Trump Jr, Clare O'Neil, O'Neil, Trump, , Geez, Donald Trump, didn't, He's, Nigel Farage, Anthony Albanese, Albanese, Farage Organizations: Service, Australian Home, AP News, Twitter, Government, Former, Trump Jr Locations: Australia, Melbourne, Sydney, Brisbane, Former British
LONDON, July 4 (Reuters) - British banks should have to serve a customer even if they disagree with his or her lawful political views, and should apply anti-money laundering checks proportionately, financial services minister Andrew Griffith said on Tuesday. Griffith was asked about his views on recent issues around banking services for politicians and other 'politically exposed persons' by the House of Lords' Economic Affairs Committee, which did not name Farage directly. Griffith said Britain's Financial Conduct Authority (FCA) now had powers under a new financial services law approved last week to revisit these rules. "The second thing that we've asked is that the FCA look at creating a domestic politically exposed persons (category) to reflect the lower category of risk associated with those whose affairs are wholly domestic," Griffith said. Reporting by David Milliken, Editing by Huw Jones and Mark PotterOur Standards: The Thomson Reuters Trust Principles.
Persons: Andrew Griffith, Nigel Farage, Coutts, Griffith, it's, David Milliken, Huw Jones, Mark Potter Organizations: Brexit Party, NatWest, Economic Affairs Committee, Authority, FCA, Thomson
LONDON, July 4 (Reuters) - Nigel Farage, the former Brexit party leader, said on Tuesday that British private bank Coutts had told him it was closing his accounts and had offered him a standard one with its parent group NatWest instead. A NatWest spokesperson declined to comment. The BBC reported earlier on Tuesday that Farage fell below the financial threshold required to hold a Coutts account. Coutts' website advises its clients should be able to borrow or invest at least 1 million pounds ($1.3 million) with the bank or hold 3 million pounds in savings. He said he had been offered a NatWest account on June 29 after he complained publicly about losing his accounts, adding he has been given a postponement of a few weeks before his Coutts accounts are closed.
Persons: Nigel Farage, Coutts, Farage, Iain Withers, Alexander Smith Organizations: NatWest, Reuters, BBC, Thomson
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/nigel-farages-claim-of-bank-account-closure-prompts-u-k-government-review-626546b6
Persons: Dow Jones
The Guardian newspaper did not publish an opinion column that suggested an award won by British broadcaster and former politician Nigel Farage was because of Russian money, as is claimed in a fabricated screenshot circulating online. Examples of the fabricated screenshot circulating on Facebook can be found here, here and here. But no such headline was published by The Guardian, said Cadwalladr in a written response to Reuters. A spokesperson for the media group in an email also said the newspaper did not publish the headline. A Google search did not show the fabricated headline (archive.md/xue2h).
Persons: Nigel Farage, Carole Cadwalladr, Read Organizations: Guardian, Facebook, Observer, The Guardian, Reuters Locations: British
Harry's spokesperson said that on Tuesday night after leaving an awards ceremony where Meghan had been honoured, Harry, Meghan and her mother were subjected to a two-hour car chase involving "highly aggressive" paparazzi photographers which had put their lives at danger. Harry and Meghan are frauds." The royal family, as is customary, have stayed silent on the incident, but outside Buckingham Palace as across Britain, the public view was mixed. "I can't believe a two-hour car chase in New York. The couple's representatives say Harry and Meghan expect attention and to be photographed at public events, and so had made a very public entrance and exit on Tuesday.
The word "woke" has quickly shot to the forefront of Republican politics in recent years. We asked CPAC attendees what they thought the word means. The word "woke" originally emerged from African American vernacular English, signifying a general awareness of systems of injustice. For Francis, who said he homeschools his own children, the word "woke" invokes the idea of a system of education that's stoking divisions between groups. "Political correctness" appeared to be the most popular short-hand among attendees.
They are not minority white, however, but have less than 50% identifying as “white British”. In a video, Farage says: “The Office for National Statistics figures are out today, showing that London, Birmingham and Manchester are all now minority white cities. The ONS told Reuters that these claims confuse “white British” and “white other”. The cities that have a white minority are Birmingham and Leicester, the ONS told Reuters. London and Manchester are not now minority white cities, according to the 2021 census.
Trump doesn't have real friends at Mar-a-Lago, a Florida billionaire told the Financial Times. Despite the atmosphere of adulation, it's "all transactional," Jeff Greene told the paper. Real estate mogul Jeff Greene told the paper that the atmosphere of adulation there is "all transactional." Asked who Trump's close friends are, Greene told the paper: "I don't think he has any friends." . . and tell him how good he is," Greene told the FT.
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