Coutts’ CEO has resigned effectively immediately following the private bank’s closure of Nigel Farage’s accounts due to conflicting “values” between Farage’s views and the bank’s stance.
Peter Flavel, who took over as Coutts’ leader in 2016, acknowledged that the bank’s treatment of Mr Farage did not uphold its usual high standard of personal service.
Paul Thwaite, the temporary CEO of NatWest, the parent company of Coutts, stated: “Peter Flavel and I have mutually agreed that he will depart from his roles as CEO of Coutts and our Wealth Businesses instantly. While it saddens me to lose Peter as a team member, I firmly believe this is the appropriate move for Coutts and the broader group.”
Flavel’s departure comes hot on the heels of Alison Rose’s resignation as NatWest CEO, which occurred amidst the controversy involving Mr Farage.
Flavel expressed his sentiment, saying, “My time at Coutts, which spans seven years, has been a source of immense pride. I would like to express my gratitude to the team that has contributed to making it a high-performing business.
In dealing with Mr Farage’s situation, we did not live up to the bank’s elevated standards of personal service. As Coutts’ CEO, I bear the ultimate responsibility for this lapse, prompting my decision to step down.”
