NatWest CEO Resigns Over 'Serious Error' in Farage Row

Facts

• Alison Rose, the CEO of British bank NatWest, has resigned after admitting to a "serious error of judgment" in discussing the closure of former Brexit party leader Nigel Farage’s accounts at the institution's subsidiary, Coutts, with a BBC reporter.¹
• Information Minister John Edwards will now investigate Rose's disclosure. Some anonymous shareholders have also suggested that the bank’s long-serving chair, Howard Davies, should also step down.²
• Though Coutts originally cited commercial reasons for Farage's account closure, the bank’s internal report into why his accounts were closed revealed that Farage's politics "were at odds with [their] position as an inclusive organization."³
• The BBC on Monday also apologized to Farage for reporting that he had fallen below the financial threshold to retain his account, with BBC Editor Simon Jack acknowledging that the story was "incomplete and inaccurate."¹
• This comes as Treasury Minister Andrew Griffith met with 19 heads of banks on Wednesday to discuss allegations that other individuals have also been denied access to banking over their politics.⁴
• While unlikely, Farage, the former right-wing politician turned broadcaster, has said that NatWest's entire board should be replaced.²

Sources: ¹Al Jazeera, ²Guardian, ³CNN, and ⁴Sky News.

Narratives

• Conservative narrative, as provided by The Christian Post. While the breaking news surrounding Nigel Farage is a cause for hope, the banking establishment is still de-banking political outsiders without just cause and needs to be held to account. Barclays, for example, still has yet to reopen the Christian group Core Issues Trust (CIT) despite having compensated them over $25K for wrongfully terminating their account. These banks are becoming more emboldened by the day, stripping anyone who dares not conform to the mainstream narrative.
• Progressive narrative, as provided by Harvard Business Review. Banks certainly do prop up some ideologies over others, but not the ones conservatives complain about. The corporate world is only just starting to support marginalized communities who, in the past, had no access to the world's wealth. These self-proclaimed progressive institutions have funded racist politicians for decades, but thankfully, movements like Black Lives Matter have encouraged them to start backing the downtrodden rather than the rich and powerful.