NATWEST Group's newly appointed boss has axed a third of his executive committee after the UK government announced the divestment of its controlling stake in the Big Four bank earlier this week.

Paul Thwaite, who formally became chief of the bank in February, has restructured the group's management team, including the departure of key executives such as Gideon Moore, the group's chief legal officer and general counsel, and Matt Austen, the director of strategy and corporate development. Thwaite revealed the overhaul in an internal note this week, which was seen by the Financial Times and confirmed by Natwest. In the note, he said that "customer focus and simplification needs to start at the top of the bank — removing unnecessary complexity and streamlining decisionmaking processes, so colleagues can focus time and energy on the areas they can have the greatest impact and add the most value for customers."

Natwest is gearing up for a sale of stock to retail investors, after the government announced it has slashed its stake to below 30 per cent.

(c) 2024 City A.M., source Newspaper