Two down, one to go. Following the humiliating midnight departure of NatWest chief Alison Rose, Peter Flavel is the next banking boss to fall on his sword. Flavel, the chief executive of Coutts since 2016, this lunchtime announced his immediate departure from the luxury bank as it grapples with the fall out of the Nigel Farage scandal. Flavel said:
In the handling of Mr Farage’s case we have fallen below the bank’s high standards of personal service. As CEO of Coutts it is right that I bear ultimate responsibility for this, which is why I am stepping down.
Mohammad Kamal Syed, the head of Coutts’ asset management team, will step into the role of interim CEO of Coutts. Paul Thwaite, who was appointed as NatWest Group CEO yesterday after Rose stepped down, said:
I have agreed with Peter Flavel that he will step down as Coutts CEO and CEO of our Wealth Businesses by mutual consent with immediate effect. Whilst I will be personally sorry to lose Peter as a colleague, I believe this is the right decision for Coutts and the wider Group.
Farage himself has already welcomed the decision, saying:
It was only a matter of time before Peter Flavel, Coutts CEO, stood down. The ultimate responsibility for the dossier de-banking me for my political views lies with him. I even wrote to Mr Flavel twice before going public and didn’t receive an acknowledgment.
Earlier this week, Farage declared on GB News that ‘NatWest CEO Dame Alison Rose, NatWest Group chairman Howard Davies and Coutts CEO Peter Flavel have all failed. Frankly, they should all go.’
Rose and Flavel have now gone. Will Davies be next?