By Elena Vardon NatWest Group shares tumbled 16% at market open after the bank said an investigation into the handling of the accounts of Brexit campaigner...
NatWest Group shares tumbled 16% at market open after the bank said an investigation into the handling of the accounts of Brexit campaigner Nigel Farage found that their closure was lawful; and cut its full-year net interest margin guidance, following peer Barclays earlier this week.In July, Farage said he was dropped as a client of Coutts, a private bank owned by NatWest, because of his political views.
"Although Travers Smith confirm the lawful basis for the exit decision, the findings set out clear shortcomings in how it was reached as well as failures in how we communicated with him and in relation to client confidentiality," Davies said. NatWest also lowered its total income expectation for 2023 to 14.3 billion pounds from GBP14.8 billion previously. For the three months ended Sept. 30, total income rose to GBP3.49 billion from GBP3.23 billion in the same period the previous year, but missed the GBP3.585 billion forecast by analysts. Net interest income for the quarter was GBP2.685 billion compared with consensus expectations of GBP2.80 million.
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