View source for NatWest Group

{{short description|British banking and insurance holding company}}
{{Use British English|date=January 2013}}
{{Use dmy dates|date=January 2020}}
{{Infobox company
| name = NatWest Group plc
| former_name = {{Ubl
| The Royal Bank of Scotland Group Public Limited Company (1968–2020)<ref name="CompaniesHouse" />
}}
| logo = NatWest Group Logo.svg
| image = RBSG HQ, St Andrews Square, Edinburgh.jpg
| image_caption = {{nowrap|NatWest Group Registered Office}} in October 2007
| type = [[Public company|Public]]
| traded_as = {{plainlist|
*{{Lse|NWG}}
*{{NYSE|NWG}}
*[[FTSE 100 Index|FTSE 100 Component]]}}
| foundation = {{start date and age|df=yes|1968|03|25}}
| location = [[Edinburgh]], Scotland, UK
| area_served = United Kingdom
| key_people = {{ubl|[[Richard Haythornthwaite]] (chairman)|[[Paul Thwaite]] (group chief executive)}}
| industry = {{plainlist|
*[[Banking]] 
*[[Financial services]]}}
| products = {{ubl | [[Asset management]] | [[Banking]] | [[Commodities]] | [[Credit card]]s | [[Equities trading]] | [[Insurance]] | [[Investment management]] | [[Mortgage loan]]s | [[Private equity]] | [[Wealth management]] }}
| revenue = {{decrease}} [[Pound sterling|£]]14.703&nbsp;billion (2024)<ref name=results>{{cite web |url=https://investors.natwestgroup.com/~/media/Files/R/RBS-IR-V2/results-center/14022025/nwg-annual-report-and-accounts-2024.pdf|title=Annual Results 2024 |publisher=NatWest Group |access-date=14 February 2025}}</ref>
| operating_income = {{increase}} £6.195&nbsp;billion (2024)<ref name=results/>
| net_income = {{increase}} £4.811&nbsp;billion (2024)<ref name=results/>
| assets = {{increase}} £707.985&nbsp;billion (2024)<ref name=results/>
| equity = {{increase}} £39.378&nbsp;billion (2024)<ref name=results/>
| num_employees = 60,700 (2024)<ref name=results/>
| owner = 
| subsid = {{plainlist|
*[[NatWest Holdings]]
*[[NatWest Markets]]
*[[RBS International]]}}
| homepage = {{URL|https://natwestgroup.com}}
| footnotes = 
}}

'''NatWest Group plc'''<ref name="CompaniesHouse">{{Cite web |date=1968-03-25 |title=NatWest Group PLC overview - Find and update company information - GOV.UK |url=https://find-and-update.company-information.service.gov.uk/company/SC045551 |access-date=2024-02-20 |website=[[Companies House]] |language=en}}</ref> is a British banking and insurance [[holding company]], based in [[Edinburgh]], Scotland.

The group operates a wide variety of banking brands offering personal and business banking, private banking, investment banking, insurance and [[corporate finance]]. In the United Kingdom, its main subsidiary companies are [[National Westminster Bank]], [[Royal Bank of Scotland]],<ref>The Scottish Gaelic name ({{langx|gd|Banca Rìoghail na h-Alba}}) is used by its [[retail banking]] branches in parts of Scotland, especially in signage and customer stationery.</ref> [[NatWest Markets]] and [[Coutts]].<ref>{{cite web |url=http://www.scotbanks.org.uk/member_royal_bank_of_scotland.php |title=The Royal Bank of Scotland |publisher=Scotbanks.org |access-date=18 April 2011 |url-status=dead |archive-url=https://web.archive.org/web/20110719141712/http://www.scotbanks.org.uk/member_royal_bank_of_scotland.php |archive-date=19 July 2011}}</ref> The group issues [[Banknotes of the pound sterling|banknotes]] in Scotland and Northern Ireland.

Before the [[2008 financial crisis]], NatWest was very briefly the largest bank in the world, and for a period was the second-largest bank in the UK and Europe and the fifth-largest in the world by [[market capitalisation]]. Subsequently, with a slumping share price and major loss of confidence, the bank fell sharply in the rankings, although in 2009 it was briefly the world's largest company by both assets (£1.9 trillion) and liabilities (£1.8 trillion).<ref>{{Cite news | url=https://www.ft.com/content/ed89437e-9db7-33c2-b4dd-bbea6bb1157c | title=RBS et mon droit: HM deficits | work=[[Financial Times]] | url-access=subscription}}</ref> 

The bank was bailed out by the UK government via the [[2008 United Kingdom bank rescue package]].<ref>{{cite news |last=Barker |first=Alex |title=Brown says UK leads world with rescue |newspaper=[[Financial Times]] |date=8 October 2008 |url=https://www.ft.com/content/a3fb9670-951c-11dd-aedd-000077b07658 |access-date=8 October 2008}}</ref> The government retained a majority share until 28 March 2022, held and managed through [[UK Government Investments]]. It subsequently reduced its shareholding in a series of transactions, selling off its final shares on 30 May 2025, at a total loss of £10bn to the taxpayer.<ref name=":8">{{Cite news |last=Makortoff |first=Kalyeena |last2= |first2= |date=2025-05-30 |title=Government sells final shares in NatWest 17 years after £45bn bailout |url=https://www.theguardian.com/business/2025/may/30/government-sells-final-shares-in-natwest-17-years-after-45bn-bailout |access-date=2025-05-30 |work=The Guardian |language=en-GB |issn=0261-3077}}</ref> 

In addition to its primary share listing on the [[London Stock Exchange]], the company is also listed on the [[New York Stock Exchange]].

==History==
{{further|National Westminster Bank|The Royal Bank of Scotland}}

===The Royal Bank of Scotland Group===
By the late 1960s, economic conditions were becoming more difficult for the banking sector. In response, the [[National Commercial Bank of Scotland]] merged with the [[Royal Bank of Scotland]].<ref>{{Cite web|last=Macfarlane|first=Laurie|title=Taking control of RBS|url=https://neweconomics.org/2016/10/taking-control-of-rbs|access-date=2020-08-20|website=New Economics Foundation|language=en}}</ref> The merger resulted in a new [[holding company]], the '''National and Commercial Banking Group''' being founded in 1968, with the merger formalised in 1969.<ref>Memorandum and Articles of Association, dated 18 March 1968; Certificate of Incorporation under the Companies Act 1948, dated 25 March 1968</ref> The holding company was renamed '''The Royal Bank of Scotland Group''' in 1979<ref>Special Resolution, dated 4 July 1979; Certificate of Incorporation on Change of Name with the approval of the Department of Trade, dated 3 September 1979</ref> and became a public company in 1982.<ref>Certificate of Incorporation on Re-registration as a Public Company under the Companies Acts 1948 to 1980, dated 10 March 1982</ref>

The late 1990s saw a new wave of consolidation in the financial services sector. In 1999, the [[Bank of Scotland]] launched a hostile takeover bid for English rival National Westminster Bank.<ref>{{Cite news|title=Scotched|newspaper=The Economist|url=https://www.economist.com/finance-and-economics/1999/12/02/scotched|access-date=2020-08-20|issn=0013-0613}}</ref> The Bank of Scotland intended to fund the deal by selling off many of NatWest's subsidiary companies, including [[Ulster Bank]] and Coutts. However, the Royal Bank of Scotland subsequently tabled a counter-offer, sparking off the largest hostile takeover battle in UK corporate history.<ref>{{Cite web|date=1999-11-28|title=RBS issues ultimatum in £27bn bid for NatWest|url=http://www.theguardian.com/business/1999/nov/28/observerbusiness.royalbankofscotlandgroup|access-date=2020-08-20|website=The Guardian|language=en}}</ref> A key differentiation from the Bank of Scotland's bid was the Royal Bank of Scotland's plan to retain all of NatWest's subsidiaries.<ref>{{Cite web|title=Who pushed NatWest?|url=https://www.euromoney.com/article/b1320gfcf2p9jw/who-pushed-natwest|access-date=2020-08-20|website=Euromoney|date=November 1999 |language=en}}</ref> Although NatWest, one of the "[[Big Four (banks)|Big Four]]" English clearing banks, was significantly larger than either Scottish bank, it had a recent history of poor financial performance and plans to merge with insurance company [[Legal & General]] were not well received, prompting a 26% fall in share price.<ref>{{cite news |url=https://news.bbc.co.uk/2/hi/business/626198.stm |work=BBC News |title=NatWest takeover: a chronology |date=10 February 2000 |access-date=10 April 2010}}</ref>

On 11 February 2000, The Royal Bank of Scotland was declared the winner in the takeover battle, becoming the second largest banking group in the UK after [[HSBC|HSBC Holdings]].<ref>{{Cite news|title=RBS to change name to NatWest and shrink investment bank|url=https://www.ft.com/content/f3790dec-4ef9-11ea-95a0-43d18ec715f5 |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/f3790dec-4ef9-11ea-95a0-43d18ec715f5 |archive-date=10 December 2022 |url-access=subscription|access-date=2020-08-20|newspaper=Financial Times|date=14 February 2020 }}</ref> NatWest as a distinct banking brand was retained, although many back-office functions of the bank were merged with the Royal Bank's, leading to over 18,000 job losses throughout the UK.<ref>[https://news.bbc.co.uk/2/hi/business/639201.stm NatWest merger's mixed fortunes] BBC News, 2000</ref>

===Further expansion===
[[File:Royal Bank of Scotland. - geograph.org.uk - 26163.jpg|thumb|The new headquarters nearing completion in 2005]]
In August 2005, the bank expanded into China, acquiring a 10% stake in the [[Bank of China]] for £1.7&nbsp;billion,<ref>{{cite news |url=https://news.bbc.co.uk/2/hi/business/4162170.stm |work=BBC News |title=RBS leads $3.1bn China investment |date=18 August 2005 |access-date=10 April 2010}}</ref> which it had sold by 2009.<ref>{{cite news|url=https://www.scmp.com/article/730012/rbs-chief-regrets-sale-43pc-stake-bank-china|title=RBS chief regrets sale of 4.3pc stake in Bank of China|date=9 November 2010|newspaper=South China Morning Post|access-date=11 April 2021}}</ref>

In 2005, the bank built a new international headquarters at [[Gogarburn]] on the outskirts of Edinburgh, and was opened by [[Queen Elizabeth II]] and [[Prince Philip, Duke of Edinburgh]].<ref>{{cite web |url=https://webarchive.nrscotland.gov.uk/20201116163647/http://www2.gov.scot/News/Releases/2005/09/14110145 |title=New RBS headquarters|publisher=Scottish Government |date=14 September 2005 |access-date=30 July 2025}}</ref>

The group was part of a consortium with Belgian bank [[Fortis (finance)|Fortis]] and Spanish bank [[Banco Santander]] that acquired Dutch bank [[ABN AMRO]] in October 2007.<ref>{{Cite news|date=2007-10-09|title=Consortium Wins Control of ABN Amro|language=en-US|work=The New York Times|url=https://www.nytimes.com/2007/10/09/business/worldbusiness/09bank.html|access-date=2020-08-20|issn=0362-4331}}</ref> Rivals speculated that RBS had overpaid for the Dutch bank<ref name=":0">{{Cite news| url=https://www.theguardian.com/business/2007/oct/07/money1 | work=The Guardian | location=London | title=Barclays boss: RBS overpaid for ABN Amro | first=Ruth | last=Sunderland | date=8 October 2007 | access-date=10 April 2010}}</ref> although the bank pointed out that of the £49bn paid for ABN AMRO, RBS's share was only £10bn (equivalent to £167 per citizen of the UK).<ref name="RBStodownsize" /><ref name=":0" />

Much later, the bank announced it was to scale back its international presence. "Let me spell it out very clearly: the days when RBS sought to be the biggest bank in the world, those days are well and truly over", Chief Executive [[Ross McEwan]], who had been in charge of the bank for four months, said in unveiling plans to reduce costs by £5bn over four years. "Our ambition is to be a bank for UK customers", he added.<ref name="RBStodownsize">{{cite news|url=https://www.bbc.co.uk/news/business-your-money-26365616|title=RBS: Ross McEwan speech in full|publisher=BBC|date=27 February 2014|access-date=20 August 2020}}</ref>

===2007–2008 financial crisis===
{{main|2008 United Kingdom bank rescue package|2009 United Kingdom bank rescue package}}
On 22 April 2008, RBS announced a [[rights issue]] which aimed to raise £12 billion in new capital to offset a [[writedown]] of £5.9 billion resulting from credit market positions and to shore up its reserves following the purchase of ABN AMRO. This was, at the time, the largest rights issue in British corporate history.<ref>{{Cite news |url=https://news.bbc.co.uk/1/hi/business/7359940.stm | title=RBS sets out £12bn rights issue | work=[[BBC News]] | date=22 April 2008}}</ref><ref>{{Cite news | url=https://www.nbcnews.com/id/wbna24252983 | title=RBS announces biggest stock sale in UK history | work=[[NBC News]] | date=22 April 2008}}</ref>

The bank also announced that it would review the possibility of divesting some of its subsidiaries to raise further funds, notably its insurance divisions [[Direct Line]] and [[Churchill Insurance|Churchill]].<ref>{{cite news |url=https://news.bbc.co.uk/2/hi/business/7359940.stm |work=BBC News |title=RBS sets out £12bn rights issue |date=22 April 2008 |access-date=10 April 2010}}</ref> Additionally, the bank's stake in Tesco Bank was bought by Tesco for £950 million in 2008.<ref name="Sky">{{cite news |url=http://news.sky.com/skynews/Home/Business/Tesco-Pays-Royal-Bank-Of-Scotland-950m-In-New-Personal-Finance-Deal/Article/200807415058484?lpos=Business_2&lid=ARTICLE_15058484_Tesco%2BPays%2BRoyal%2BBank%2BOf%2BScotland%2B%25C2%25A3950m%2BIn%2BNew%2BPersonal%2BFinance%2BDeal |title=Tesco Pays £950m To Become Bank |publisher=Sky News |date=28 July 2008 |access-date=28 July 2008}}</ref><ref name="Butter">{{cite news |url=https://www.telegraph.co.uk/money/main.jhtml?view=DETAILS&grid=A1YourView&xml=/money/2008/07/28/bcntesco228.xml |title=Tesco eyes mortgages and current accounts in plan to take on UK's high street banks |newspaper=The Telegraph |date=28 July 2008 |access-date=28 July 2008 |first1=Emma |last1=Thelwell |first2=Myra |last2=Butterworth}}{{dead link|date=July 2021|bot=medic}}{{cbignore|bot=medic}}</ref>

On 13 October 2008, in a move aimed at recapitalising the bank, it was announced that the British Government would take a stake of up to 58% in the Group. The aim was to "make available new [[tier 1 capital]] to UK banks and building societies to strengthen their resources permitting them to restructure their finances, while maintaining their support for the real economy, through the recapitalisation scheme which has been made available to eligible institutions".<ref>{{Cite press release | title = Treasury statement on financial support to the banking industry | publisher = [[HM Treasury]] | date = 13 October 2008 | url = http://www.hm-treasury.gov.uk/press_105_08.htm | access-date = 14 October 2008 | url-status = dead | archive-url = https://web.archive.org/web/20081015032416/http://www.hm-treasury.gov.uk/press_105_08.htm | archive-date = 15 October 2008 | df = dmy-all }}</ref>

[[HM Treasury]] injected £37 billion ($64 billion, €47 billion, equivalent to £617 per citizen of the UK) of new capital into Royal Bank of Scotland Group, [[Lloyds Bank|Lloyds TSB]] and [[HBOS]], to avert financial sector collapse. The government stressed, however, that it was not "standard public ownership" and that the banks would return to private investors "at the right time".<ref>{{cite news|url=https://news.bbc.co.uk/2/hi/uk_news/politics/7666695.stm |title=Brown: We'll be rock of stability |work=BBC News |date=13 October 2008 |access-date=18 April 2011}}</ref><ref>{{cite news |last=Jones |first=Sarah |url=https://www.bloomberg.com/apps/news?pid=20601102&sid=aCMY6HCQ_Tjc&refer=ukU.K |title=bloomberg.com, Stocks Rebound After Government Bank Bailout; Lloyds Gains |publisher=Bloomberg |date=13 October 2008 |access-date=18 April 2011}}</ref>

[[Alistair Darling]], the [[Chancellor of the Exchequer]], stated that the UK government would benefit from its rescue plan, for it would have some control over RBS in exchange for £5 billion in preference shares and underwriting the issuance of a further £15 billion in ordinary shares. If shareholder take-up of the share issue was 0%, then total government ownership in RBS would be 58%; and, if shareholder take-up was 100%, then total government ownership in RBS would be 0%.<ref>{{cite news |author=Hélène Mulholland |url=https://www.theguardian.com/politics/2008/oct/13/alistairdarling-economy |title=Darling: UK taxpayer will benefit from banks rescue |work=The Guardian |location=UK |date=13 October 2008 |access-date=18 April 2011}}</ref> Less than 56&nbsp;million new shares were taken up by investors, or 0.24pc of the total offered by RBS in October 2008.<ref>[https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/3532604/RBS-now-58pc-owned-by-UK-government.html RBS now 58% owned by UK Government] Telegraph, 28 November 2008</ref>

As a consequence of this rescue, the chief executive of the group, [[Fred Goodwin]], offered his resignation and it was duly accepted. [[Tom McKillop|Sir Tom McKillop]] confirmed that he would stand down from his role as chairman when his contract expired in March 2009. Goodwin was replaced by Stephen Hester, previously the chief executive of [[British Land]], who commenced work at the Royal Bank of Scotland in November 2008.<ref>{{cite web |url=http://www.thisislondon.co.uk/standard-business/article-23572572-details/It%E2%80%99s+a+good+time+for+Hester+to+quit+property+for+RBS/article.do |title=It is a good time for Hester to quit property for RBS |publisher=Thisislondon.co.uk |date=14 October 2008 |access-date=18 April 2011 |archive-url=https://web.archive.org/web/20090126111749/http://www.thisislondon.co.uk/standard-business/article-23572572-details/It%E2%80%99s+a+good+time+for+Hester+to+quit+property+for+RBS/article.do |archive-date=26 January 2009 |url-status=dead  }}</ref>

On 19 January 2009, the British Government announced a further injection of funds into the [[Banking in the United Kingdom|UK banking system]] in an attempt to restart personal and business lending. This would involve the creation of a state-backed insurance scheme which would allow banks to insure against existing loans going into default, in an attempt to restore the banks' confidence.<ref>[https://web.archive.org/web/20151018033819/http://newsvote.bbc.co.uk/2/hi/business/7838347.stm UK banking plan faces criticism] BBC News, 19 January 2009</ref>

At the same time the government announced its intention to convert the [[preference shares]] in RBS that it had acquired in October 2008 to ordinary shares. This would remove the 12% coupon payment (£600m p.a.) on the shares but would increase the state's holding in the bank from 58% to 70%.<ref name=loss>[https://newsvote.bbc.co.uk/2/hi/business/7836882.stm RBS shares plunge on loss] BBC News, 19 January 2009</ref>

On the same day RBS released a [[trading statement]] in which it expected to post full-year trading losses (before [[writedown]]s) of between £7bn and £8bn. The group also announced writedowns on [[Goodwill (accounting)|goodwills]] (primarily related to the [[takeover]] of [[Netherlands|Dutch]] bank [[ABN-AMRO]]) of around £20bn. The combined total of £28bn would be the biggest ever annual loss in UK corporate history (the actual figure was £24.1bn). As a result, during the [[Blue Monday Crash 2009|Blue Monday Crash]], the group's share price fell over 66% in one day to 10.9p per share, from a 52-week high of 354p per share, itself a drop of 97%.<ref name=loss/>

===Mid-2008 onwards===
RBS' contractual commitment to retain the 4.26% [[Bank of China]] (BoC) stake ended on 31 December 2008, and the shares were sold on 14 January 2009. Exchange rate fluctuations meant that RBS made no profit on the deal. The [[Newspapers in Scotland|Scottish press]] suggested two reasons for the move: the need for a bank mainly owned by [[HM Treasury]] to focus scarce [[Financial capital|capital]] on British markets, and the growth possibility of RBS's own China operations.<ref name="een1">{{Cite journal | title=RBS confirms sale of £1.6bn China stake| journal=Edinburgh Evening News| year=2009| volume=January| issue=14| url=http://business.scotsman.com/bankinginsurance/RBS-confirms-sale-of-16bn.4873405.jp}}</ref><ref name="scotsman">{{Cite journal | author=Martin Flanagan| title=RBS sells Bank of China stake in a clear sign that retrenchment rules| journal=The Scotsman| year=2009| volume=January| issue=14| url=http://business.scotsman.com/bankinginsurance/RBS-sells-Bank-of-China.4872360.jp}}</ref>

Also in March 2009, RBS revealed that its traders had been involved in the purchase and sale of sub-prime securities under the supervision of [[Fred Goodwin]].<ref>{{Cite news|last=Winnett |first=Robert |url=https://www.telegraph.co.uk/finance/financetopics/recession/5025115/RBS-traders-hid-toxic-debt.html |archive-url=https://web.archive.org/web/20090322195948/http://www.telegraph.co.uk/finance/financetopics/recession/5025115/RBS-traders-hid-toxic-debt.html |url-status=dead |archive-date=22 March 2009 |title=RBS traders hid toxic debt |work=The Daily Telegraph |location=UK |date=20 March 2009 |access-date=18 April 2011}}</ref>

In September 2009, RBS and NatWest announced dramatic cuts in their overdraft fees including the unpaid item fee (from £38 to £5), the card misuse fee (from £35 to £15) and the monthly maintenance charge for going overdrawn without consent (from £28 to £20).<ref name="Guardian">Jones, Rupert. [https://www.theguardian.com/money/2009/sep/07/rbs-natwest-overdraft-charges "Royal Bank of Scotland and NatWest cut overdraft charges"]. ''[[The Guardian]]''. 7 September 2009</ref> The cuts came at a time when the row over the legality of unauthorised borrowing reached the [[House of Lords]]. The fees were estimated to earn current account providers about £2.6bn a year.<ref>Osborne, Hilary. [https://www.theguardian.com/money/2009/jun/23/banks-charges-appeal "Bank charges appeal reaches House of Lords"]. ''[[The Guardian]]'' 23 June 2009</ref> The [[Which?|Consumers' Association]] chief executive, Peter Vicary-Smith, said: "This is a step in the right direction and a victory for consumer pressure."<ref name="Guardian" />

In November 2009, RBS announced plans to cut 3,700 jobs in addition to 16,000 already planned, while the government increased its stake in the company from 70% to 84%.<ref>{{Cite news|author=Jill Treanor |url=https://www.theguardian.com/business/2009/nov/02/rbs-slash-costs-cuts-jobs |title=RBS axes 3,700 jobs as taxpayer stake hits 84% |work=Guardian |location=UK |date=2 November 2009 |access-date=18 April 2011}}</ref>

In December 2009, the RBS board revolted against the main shareholder, the British government. They threatened to resign unless they were permitted to pay bonuses of £1.5bn to staff in its investment arm.<ref>{{cite news |url=https://news.bbc.co.uk/1/hi/business/8392147.stm |title=RBS board could quit if government limits staff bonuses |work=BBC News |date=3 December 2009 |access-date=18 April 2011}}</ref>

More than 100 senior bank executives at the Royal Bank of Scotland were paid more than £1 million in late 2010 and total bonus payouts reached nearly £1 billion – even though the bailed-out bank reported losses of £1.1 billion for 2010. The 2010 figure was an improvement on the loss of £3.6 billion in 2009 and the record-breaking £24bn loss in 2008. The bonuses for staff in 2010 topped £950 million. The CEO Stephen Hester got £8 million in payments for the year. [[Len McCluskey]], the general secretary of [[Unite the Union]], said: "Taxpayers will be baffled as to how it is possible that while we own 84% of this bank it continues to so handsomely reward its investment bankers."<ref>{{cite news |url=https://www.theguardian.com/business/2011/feb/24/rbs-bankers-bonuses-despite-loss |work=The Guardian |title=RBS bankers get £950 million in bonuses despite £1.1bn loss |date=21 February 2011 |location=London |first=Jill |last=Treanor}}</ref>

In October 2011, [[Moody's]] downgraded the credit rating of 12 UK financial firms, including RBS, blaming financial weakness.<ref>[https://www.bbc.co.uk/news/business-15211230 UK financial firms downgraded by Moody's rating agency], BBC News (7 October 2011)</ref>

In January 2012, there was press controversy about Hester's bonus—Hester was offered share options with a total value of £963,000 that would be held in long-term plans, and only paid out if he met strict and tough targets. If he failed to do this, it would be clawed-back. The Treasury permitted the payment because they feared the resignation of Hester and much of the board if the payment was vetoed by the government as the majority shareholder.<ref>[https://www.bbc.co.uk/news/business-16752392 Treasury feared Hester and board would quit] BBC 26 January 2012</ref> After a large amount of criticism<ref>[https://www.theguardian.com/business/2012/jan/27/david-cameron-stephen-hester-bonus?newsfeed=true Stephen Hester bonus puts David Cameron under pressure] Guardian, 27 January 2012</ref><ref name=waive>[https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9046377/Sir-Philip-Hampton-waives-1.4m-share-award.html Sir Philip Hampton waives £1.4m share award] The Telegraph, 28 January 2012</ref><ref>[https://www.reuters.com/article/rbs-idUSWLA205920120128 RBS chairman waives share-based bonus] Reuters, 28 January 2012</ref><ref>[http://www.metro.co.uk/news/888045-ed-miliband-david-cameron-must-block-stephen-hesters-bonus Ed Miliband must block Hester's Bonus] Metro, 22 January 2012</ref> in the press, news emerged of Chairman Sir Philip Hampton turning down his own bonus of £1.4 million several weeks before the controversy.<ref name=waive/> Hester, who had been on holiday in Switzerland at the time, turned down his own bonus shortly after.<ref>[https://www.theguardian.com/business/2012/jan/30/rbs-stephen-hester-bonus-reaction RBS boss Stephen Hester waives bonus: reaction] The Guardian, 30 January 2012</ref>

In June 2012, a [[2012 RBS computer system problems|failure of an upgrade to payment processing software]] meant that a substantial proportion of customers could not transfer money to or from their accounts. This meant that RBS had to open a number of branches on a Sunday – the first time that they had had to do this.<ref>{{cite web |url=http://www.huffingtonpost.co.uk/2012/06/24/natwest-branches-open-on-sunday-computer-gitch_n_1621907.html |title=Natwest Branches Open on Sunday To Help Customers After Computer Glitch |work=The Huffington Post UK |access-date=21 March 2015 |date=24 June 2012}}</ref>

RBS released a statement on 12 June 2013 that announced a transition in which CEO Stephen Hester would stand down in December 2013 for the financial institution "to return to private ownership by the end of 2014". For his part in the procession of the transition, Hester would receive 12 months' pay and benefits worth £1.6 million, as well as the potential for £4 million in shares. The RBS stated that, as of the announcement, the search for Hester's successor would commence.<ref>{{cite news|title=Royal Bank of Scotland CEO Stephen Hester to stand down|url=https://www.bbc.co.uk/news/business-22881526|access-date=13 June 2013|work=BBC News|date=12 June 2013|author=Robert Peston}}</ref> Ross McEwan, the head of retail banking at RBS, was selected to replace Hester in July 2013.<ref>{{cite news|title=RBS selects McEwan as new chief|url=https://www.ft.com/content/0935a53c-fa0b-11e2-98e0-00144feabdc0|archive-url=https://ghostarchive.org/archive/20221210211236/https://www.ft.com/content/0935a53c-fa0b-11e2-98e0-00144feabdc0#axzz3EMs3ySli|archive-date=10 December 2022|url-access=subscription|access-date=25 September 2014|newspaper=Financial Times|date=31 July 2013|author=Patrick Jenkins|url-status=live}}</ref>

On 4 August 2015 the UK government began the process of selling shares back to the private sector, reducing its ownership of ordinary shares from 61.3% to 51.5% and its total economic ownership (including B shares) from 78.3% to 72.9%. On 5 June 2018 the government reduced its ownership through [[UK Government Investments]] to 62.4%<ref>RBS, [http://investors.rbs.com/share-data/equity-ownership-statistics.aspx Equity Ownership Statistics], accessed 9 June 2018</ref> at a loss of £2 billion.<ref name="fnlondon1">{{cite web|last=Agini |first=Samuel |url=https://www.fnlondon.com/articles/uk-government-continues-privatisation-of-rbs-royal-bank-of-scotland-20180604 |title=Government faces questions over £2bn hit on RBS share sale |publisher=Fnlondon.com |access-date=7 September 2018}}</ref>

===Restructuring===
In June 2008 RBS sold its subsidiary [[Angel Trains]] for £3.6bn as part of an assets sale to raise cash.<ref>{{cite news |title=RBS sells off rail stock business |url=https://news.bbc.co.uk/1/hi/business/7452205.stm |work=BBC News |date=13 June 2008 |access-date=20 September 2013}}</ref>

In March 2009, RBS announced the closure of its [[tax avoidance]] department, which had helped it avoid £500m of tax by channelling billions of pounds through [[securitization|securitised]] assets in [[tax haven]]s such as the [[Cayman Islands]].<ref name=":1" /> The closure was partly due to a lack of funds to continue the measures, and partly due to the 84% government stake in the bank.<ref name=":1">[https://www.theguardian.com/business/2009/mar/13/rbs-tax-avoidance RBS avoided £500m of tax in global deals] ''[[The Guardian]]'', 13 March 2009</ref>

On 29 March 2010, [[GE Capital]] acquired Royal Bank of Scotland's factoring business in Germany.<ref name=":2">{{Cite web|title=General Electric Capital Acquires RBS Factoring {{!}} Mergr|url=https://mergr.com/general-electric-capital-acquires-rbs-factoring|access-date=2020-08-20|website=mergr.com}}</ref> GE Capital signed an agreement with the Royal Bank of Scotland PLC (RBS) to acquire 100% of RBS Factoring GmbH, RBS's factoring and invoice financing business in Germany, for an undisclosed amount. The transaction is subject to a number of conditions, including regulatory approval.<ref name=":2" /><ref>{{cite web|url=http://www.businesswire.co.uk/portal/site/uk/permalink/?ndmViewId=news_view&newsId=20100329005696&newsLang=en |title=GE Capital Acquired Royal Bank of Scotland's Factoring Business in Germany |publisher=Businesswire.co.uk |date=29 March 2010 |access-date=18 April 2011}}</ref>

In January 2012, due to pressure from the UK government to shut down risky operations and prepare for tougher international regulations, the bank announced it would cut 4,450 jobs and close its loss-making cash equities, corporate broking, equity capital markets, and mergers and acquisitions businesses.<ref name=":3" /> This move brought the total number of jobs cut since the bank was bailed out in 2008 to 34,000.<ref name=":3">{{cite web |url=http://www.thejakartapost.com/news/2012/01/13/rbs-cut-3500-jobs-over-3-years.html |title=RBS to cut 3,500 jobs over 3 years |date=13 January 2012 |url-status=dead |archive-url=https://web.archive.org/web/20120115224649/http://www.thejakartapost.com/news/2012/01/13/rbs-cut-3500-jobs-over-3-years.html |archive-date=15 January 2012  }}</ref><ref>{{cite news |url=http://in.reuters.com/article/rbs-idINDEE80B07C20120112 |title=RBS to cut 4,450 jobs in fresh jobs cull |date=12 January 2012 | work=Reuters}}{{dead link|date=September 2024|bot=medic}}{{cbignore|bot=medic}}</ref>

During 2012, RBS separated its insurance business from the main group to form the [[Direct Line Group]],<ref>{{cite news |title=Direct Line nears RBS separation |url=https://www.bbc.co.uk/news/uk-scotland-scotland-business-19463398 |work=BBC News |date=3 September 2012 |access-date=20 September 2013}}</ref> made up of several well-known brands including [[Direct Line]] and [[Churchill Insurance Company|Churchill]]. RBS sold a 30% holding in the group through an [[initial public offering]] in October 2012.<ref>{{cite news |title=RBS races ahead with Direct Line sell-off |url=http://uk.reuters.com/article/uk-rbs-directline-sale-idUKBRE92C0DD20130313 |archive-url=https://web.archive.org/web/20160306025430/http://uk.reuters.com/article/uk-rbs-directline-sale-idUKBRE92C0DD20130313 |url-status=dead |archive-date=6 March 2016 |author=Steve Slater |publisher=Reuters |date=13 March 2013 |access-date=20 September 2013}}</ref><ref name=":4" /> Further shares sales in 2013 reduced RBS' holding to 28.5% by September 2013,<ref name=":4">{{cite news |title=RBS makes £630m from sale of 20% of Direct Line |url=https://www.bbc.co.uk/news/business-24171522 |work=BBC News |date=20 September 2013 |access-date=20 September 2013}}</ref> and RBS sold its remaining shares in February 2014.<ref>{{cite news |title=RBS set to make £1bn from remaining Direct Line stake |url=https://www.bbc.co.uk/news/business-26361479 |work=BBC News |date=26 February 2014 |access-date=24 February 2015}}</ref>

In October 2015, RBS sold its remaining stake in [[Citizens Financial Group]], having progressively reduced its stake through an [[initial public offering]] (IPO) started in 2014.<ref>{{cite news |title=RBS profits rise on Citizens sale |url=https://www.bbc.co.uk/news/business-34674586 |access-date=30 October 2015 |work=BBC News |date=30 October 2015}}</ref>

===Williams & Glyn divestment===
{{further|Williams & Glyn}}
As a condition of the British Government purchasing an 81% shareholding in the group, the [[European Commission]] ruled that the group sell a portion of its business, as the purchase was categorised as [[state aid]].<ref>{{cite journal|url=https://www.concurrences.com/en/bulletin/news-issues/december-2009/the-eu-commission-approves-state-aid-measures-concerning-the-recapitalization-en|title=The EU Commission approves state aid measures concerning the recapitalization of a UK bank (Royal Bank of Scotland)|journal=E-Competitions Bulletin|date=14 December 2009|issue=December 2009|publisher=Concurrences|access-date=20 August 2020|last1=Van De Casteele|first1=Koen}}</ref> In August 2010, the group reached an agreement to sell 318 branches to [[Santander UK]], made up of the RBS branches in England and Wales and the NatWest branches in Scotland.<ref>{{cite news |url=https://www.theguardian.com/business/2010/aug/04/santander-royalbankofscotlandgroup |work=The Guardian |first=Richard |last=Wray |title=Santander overtakes HSBC as it buys 318 RBS branches |date=4 August 2010}}</ref> Santander withdrew from the sale on 12 October 2012.<ref>{{cite news |title=RBS sale of 316 branches to Santander collapses |url=https://www.bbc.co.uk/news/world-19929376 |work=BBC News |date=12 October 2012 |access-date=20 September 2013}}</ref>

In September 2013, the group confirmed it had reached an agreement to sell 314 branches to the Corsair consortium, made up of private equity firms and a number of institutional investors, including the [[Church Commissioners]], which controls the property and investment assets of the [[Church of England]].<ref>{{Cite news|last=Treanor|first=Jill|date=2013-09-27|title=RBS sells 314 branches to church-backed Corsair consortium|language=en-GB|work=The Guardian|url=https://www.theguardian.com/business/2013/sep/27/rbs-branches-church-corsair-consortium|access-date=2020-08-20|issn=0261-3077}}</ref> The branches, incorporating 250,000 small business customers, 1,200 medium business customers and 1.8 million personal banking customers, were due to be separated from the group in 2016 as a standalone business.<ref name=":5" /> The planned company would have traded as an ethical bank,<ref>{{cite news |title=Church Commissioners Statement on RBS bid |url=http://www.churchofengland.org/media-centre/news/2013/09/church-commissioners-statement-on-rbs-bid.aspx |publisher=The Church of England |date=27 September 2013 |access-date=7 October 2013 |archive-date=1 October 2013 |archive-url=https://web.archive.org/web/20131001065613/http://www.churchofengland.org/media-centre/news/2013/09/church-commissioners-statement-on-rbs-bid.aspx |url-status=dead }}</ref> using the dormant Williams & Glyn's brand.<ref name=":5">{{cite news |title=RBS sells 314 bank branches to Corsair consortium |url=https://www.bbc.co.uk/news/business-24304526 |work=BBC News |date=27 September 2013 |access-date=29 September 2013}}</ref>

In August 2016, RBS cancelled its plan to spin off Williams & Glyn as a separate business, stating that the new bank could not survive independently. It revealed it would instead seek to sell the operation to another bank.<ref>{{cite news |title=RBS cancels Williams & Glyn project and loses another £2bn |url=https://www.telegraph.co.uk/business/2016/08/05/rbs-cancels-williams--glyn-project-and-loses-another-2bn/ |access-date=5 August 2016| work=The Telegraph|date=5 August 2016}}</ref>

In February 2017, HM Treasury suggested that the bank should abandon the plan to sell the operation, and instead focus on initiatives to boost competition within business banking in the United Kingdom.<ref name=":6" /> This plan was formally approved by the European Commission in September 2017.<ref name=":6">{{cite news|title=RBS plans: Williams & Glyn sale should be dropped, UK says|url=https://www.bbc.co.uk/news/business-39010555|access-date=17 February 2017|work=BBC News|date=17 February 2017}}</ref>

===2020 group rebranding===
On 14 February 2020, it was announced that RBS Group was to be renamed NatWest Group, taking the brand under which the majority of its business is delivered.<ref>Makortoff, Kalyeena [https://www.theguardian.com/business/2020/feb/14/rbs-will-stop-lending-to-energy-firms-without-climate-crisis-plan RBS will change name to NatWest as Alison Rose begins overhaul] The Guardian, 14 February 2020</ref><ref>[https://www.bbc.co.uk/news/business-51500062 RBS Group to change its name to NatWest] BBC News, 14 February 2020</ref><ref>{{cite web |url=https://www.rbs.com/rbs/about/update-on-parent-name.html |title=Our plan to change our parent name |publisher=RBS |date=14 February 2020 |access-date=7 April 2020}}</ref> On 16 July 2020 the company announced that the rebrand would take place on 22 July 2020.<ref>{{cite web|url=https://www.proactiveinvestors.co.uk/companies/news/924385/rbs-to-rebrand-as-natwest-group-next-wednesday-924385.html|title=RBS to rebrand as Natwest Group next Wednesday|date=16 July 2020|publisher=Practive Investor|access-date=16 July 2020}}</ref> The change took effect on 23 July 2020.<ref>{{Cite web|url=https://www.londonstockexchange.com/news-article/RBS/change-of-name/14625133|title=Change of Name - 14:00:05 22 Jul 2020 - RBS News article &#124; London Stock Exchange|website=www.londonstockexchange.com}}</ref> The NatWest Group remained state-owned until May 2025, around two months beyond a deadline which the UK Treasury had announced for selling all government shares in the business.<ref>{{Cite news|url=https://www.ft.com/content/0a3b3c1e-63b1-11ea-a6cd-df28cc3c6a68 |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/0a3b3c1e-63b1-11ea-a6cd-df28cc3c6a68 |archive-date=10 December 2022 |url-access=subscription|title=Treasury puts back deadline for divestiture of RBS shares by one year|newspaper=Financial Times|date=11 March 2020|last1=Crow|first1=David}}</ref>

===Further Government share sales===
The government reduced its holding in NatWest to 59.8% in March 2021, losing the taxpayer £1.8bn,<ref name=BBCsharesale>{{cite news |title=Treasury sells £1.1bn of NatWest shares back to bank |url=https://www.theguardian.com/business/2021/mar/19/treasury-sells-11bn-of-natwest-shares-back-to-bank |access-date=19 March 2021 |work=[[The Guardian]] |date=19 March 2021}}</ref> followed by a further sale in May 2021 bringing it to 54.8%.<ref name=guardiansale>{{cite news |last1=Partington |first1=Richard |title=UK government sells £1.1bn worth of shares in NatWest |url= https://www.reuters.com/world/uk/uk-government-launches-share-sale-plan-natwest-2021-07-22/}}</ref> The government announced that a further sale would take place in late 2021 (bringing the holding down to 50.6%)<ref>{{cite news|url=https://www.theguardian.com/business/2021/jul/22/treasury-to-sell-off-up-to-12bn-worth-of-natwest-shares  |title=Treasury to sell off further NatWest shares worth up to £1.2bn|date=22 July 2021|newspaper=The Guardian|access-date=28 March 2022}}</ref> and a sale in March 2022 reduced it further to 48.1%.<ref name = nwgov >{{cite news|url =https://www.theguardian.com/business/2023/feb/12/natwest-set-to-report-51bn-profits-biggest-since-2008-financial-crisis|newspaper = Guardian News | title =NatWest poised to report biggest profits since 2008 financial crisis | date = 12 February 2023 | access-date = 12 February 2023}}</ref><ref>{{cite news|url=https://www.wimbledonguardian.co.uk/news/20024924.government-natwest-stake-cut-half-first-time-since-financial-crash/|title=Government NatWest stake cut to below half for first time since financial crash|newspaper=Wimbledon Guardian|access-date=28 March 2022}}</ref> Following a buyback by the NatWest Group in May 2023, the government reduced its holding in the company to 38.6%.<ref>{{Cite web |date=2023-05-22 |title=UK government sells £1.26bn of NatWest shares |url=https://www.theguardian.com/business/2023/may/22/uk-government-sells-natwest-shares |access-date=2023-03-22 |website=The Guardian |language=en}}</ref> Regulatory filings showed the government had reduced its holding to 34.96% by February 2024.<ref>{{cite news|url=https://www.morningstar.com/news/dow-jones/202402052361/uk-government-cuts-its-natwest-shareholding-to-3496|title=U.K. Government Cuts Its NatWest Shareholding to 34.96%|date=5 February 2024|newspaper=Morning Star|access-date=16 February 2024}}</ref> The holding fell to 29.82% in March 2024.<ref>{{cite news|url= https://www.independent.co.uk/news/uk/natwest-government-treasury-fred-goodwin-bank-of-england-b2518131.html|title=Government reduces stake in NatWest to below 30%|date=25 March 2024|newspaper=The Independent|access-date=2 April 2024}}</ref> On 31 May 2024 the government announced a further £1.24bn worth of shares sold back to NatWest after a plan to sell to the public was frozen due to the [[2024 United Kingdom general election|2024 general election]]; this brought the government's ownership of NatWest down to 22.5%.<ref>{{Cite web|url=https://www.ft.com/content/e9b52e6e-5119-468f-9585-339217d95842|title=UK government cuts NatWest stake after suspending plans for retail share sale|website=www.ft.com|date=31 May 2024 |last1=Quinio |first1=Akila }}</ref> By late July 2024, the shareholding had been reduced to 19.97%.<ref>{{Cite news |date=2024-07-25 |title=UK's Reeves Leans Toward Institutional Sale for NatWest Shares |url=https://www.bloomberg.com/news/articles/2024-07-25/uk-s-reeves-leans-toward-institutional-sale-for-natwest-shares |access-date=2024-07-26 |work=Bloomberg.com |language=en}}</ref> On 11 November 2024 the government sold a further £1bn of its shares back to NatWest, taking its holding down from 14.2% to 11.4%.<ref>{{Cite news |date=2024-11-11 |title=NatWest buys back £1bn of its shares from UK government |url=https://www.theguardian.com/business/2024/nov/11/natwest-buys-back-shares-uk-government |access-date=2025-01-07 |work=The Guardian |language=en}}</ref> By mid December 2024 it was down to 9.99%.<ref>{{Cite news |date=2024-12-13 |title=UK government cuts NatWest stake below 10% on path to full exit |url=https://www.reuters.com/markets/europe/uk-government-reduces-natwest-stake-999-2024-12-13/ |access-date=2025-01-07 |work=Reuters |language=en}}</ref>

On 30 May 2025 the government sold its final shares, returning the group to full private ownership for the first time since 2008.<ref name=":8" /><ref>{{Cite web |title=NatWest Group returns to full private ownership |url=https://www.natwestgroup.com/news-and-insights/latest-stories/our-updates/2025/may/natwest-group-returns-to-full-private-ownership.html |access-date=2025-05-30 |website=www.natwestgroup.com |language=en}}</ref>

==Corporate structure==
NatWest Group is split into four main customer-facing franchises, each with several subsidiary businesses, and it also has a number of support functions.<ref>{{cite web|title=Our executive management team|url=https://www.rbs.com/rbs/about/board-and-governance/board-and-committees/executive-management-team.html|publisher=The Royal Bank of Scotland Group|access-date=1 May 2020}}</ref>

===Retail banking===
{{Main|NatWest Holdings}}
[[file:Child and co facade.png|thumb|[[Child & Co.]]'s headquarters in [[Fleet Street]]. The brand focuses on private banking.]]
The NatWest Holdings segment comprises the retail banking division of the bank:<ref>[http://otp.investis.com/clients/uk/rbs1/rns1/regulatory-story.aspx?cid=365&newsid=800766 RBS Announces Proposed Future Ring-Fenced Legal Entity Structure and Investment in Customer Brands] London Stock Exchange, RNS No. 2659L, 30 September 2016</ref> the business operates in the United Kingdom and the Republic of Ireland under the NatWest, Royal Bank of Scotland and Ulster Bank names. Key subsidiaries include:
* [[NatWest]]
* [[Royal Bank of Scotland]]
* [[Ulster Bank]]

===Private banking===
This franchise serves high-net-worth customers. The key [[private banking]] subsidiaries and brands of NatWest Group that are included in this franchise are [[Coutts]], [[Drummonds Bank]] and NatWest and RBS Premier Banking.

===Commercial and Institutional===
[[File:RBSBirmingham.jpg|thumb|NatWest Group offices in [[Brindleyplace]], [[Birmingham]]]]
{{further|NatWest Markets}}
This franchise serves UK corporate and commercial customers, from SMEs to UK-based multinationals, and is the largest provider of banking, finance and risk management services to UK corporate and commercial customers. It also contains [[Lombard North Central|Lombard]] entity providing asset finance to corporate and commercial customers as well as some of the clients within the Private Banking franchise.

NatWest Markets is the [[investment banking]] arm of NatWest Group. It provides integrated financial solutions to major corporations and financial institutions around the world. NWMs areas of strength are debt financing, risk management, and investment and advisory services. NatWest Markets Securities is a key subsidiary, operating in the [[United States]].

[[The Royal Bank of Scotland International]], trading as NatWest International, RBS International, Coutts Crown Dependencies and [[Isle of Man Bank]], is the [[offshore banking]] arm of NatWest Group. It provides a range of services to personal, business, commercial, corporate and financial intermediary customers from its base in the Channel Islands.

===Support functions===
The group is supported by a number of functions and services departments – procurement, technology, payments, anti-money laundering, property, etc. – and support and control functions: the areas which provide core services across the bank – human resources, corporate governance, internal audit, legal, risk, etc.

== Senior leadership ==

* ''Chairman:'' [[Richard Haythornthwaite]] (since April 2024)<ref>{{cite web |title=Richard Haythornthwaite to succeed Sir Howard Davies as NatWest Group Chair |url=https://www.natwestgroup.com/news-and-insights/news-room/press-releases/our-updates/2023/sep/richard-haythornthwaite-to-succeed-sir-howard-davies-as-natwest-.html |website=NatWest Group |access-date=2023-10-13 |ref=Richard Haythornthwaite to succeed Sir Howard Davies as NatWest Group Chair}}</ref>
* ''Chief Executive:'' [[Paul Thwaite]] (since February 2024) (interim from July 2023 to February 2024)<ref>{{cite news |title=Liverpool man Paul Thwaite appointed as new boss of NatWest |url=https://www.liverpoolecho.co.uk/news/liverpool-news/liverpool-man-paul-thwaite-appointed-28643821 |access-date=29 February 2024 |work=Liverpool Echo |date=16 February 2024}}</ref>
* ''Chief Financial Officer'': Katie Murray (since January 2019)<ref name=board>{{cite web|url=https://www.natwestgroup.com/who-we-are/board-and-governance/group-board.html|title=Board of Directors|publisher=NatWest|access-date=20 June 2025}}</ref>
* ''Chief Governance Officer & Company Secretary:'' Jan Cargill (since August 2019)<ref name=board/>

=== Non-executive board members ===

* Mark Seligman (''Senior independent director''; since January 2018)<ref name=board/>
* Frank Dangeard (''Independent non-executive director''; since May 2016)<ref name=board/> 
* Roisin Donnelly (''Independent non-executive director''; since October 2022)<ref name=board/> 
* Patrick Flynn (''Independent non-executive director''; since June 2018)<ref name=board/> 
* Geeta Gopalan (''Independent non-executive director''; since July 2024)<ref name=board/> 
* Yasmin Jetha (''Independent non-executive director''; since April 2020)<ref name=board/> 
* Stuart Lewis (''Independent non-executive director''; since April 2023)<ref name=board/> 
* [[Gill Whitehead]] (''Independent non-executive director''; since January 2025)<ref name=board/>
* [[Lena Wilson (executive)|Lena Wilson]] (''Independent non-executive director''; since January 2018)<ref name=board/>

=== List of former Chairmen ===

#[[James Blair-Cunynghame|Sir James Blair-Cunynghame]] (1969–1978)<ref>{{Cite web|url=https://www.natwestgroup.com/heritage/people/jame-ogilvie-blair-cunynghame.html|title=Jame Ogilvie Blair-Cunynghame &#124; NatWest Group Heritage Hub|website=www.natwestgroup.com}}</ref> 
#[[Michael Herries|Sir Michael Herries]] (1978–1991)<ref>{{Cite web|url=https://www.natwestgroup.com/heritage/people/michael-herries.html|title=Michael Herries &#124; NatWest Group Heritage Hub|website=www.natwestgroup.com}}</ref> 
#[[George Younger, 4th Viscount Younger of Leckie|Lord Younger]] (1991–2001)<ref>[https://web.archive.org/web/20090304133457/http://www.independent.co.uk/news/obituaries/viscount-younger-of-leckie-729988.html "Obituary: Viscount Younger of Leckie" ''The Independent''] 9 April 2010.</ref>
# [[George Mathewson|Sir George Mathewson]] (2001–2006)<ref name=mathewson>{{cite news|url=https://www.telegraph.co.uk/finance/2937712/Business-profile-Dynasty-ends-as-a-banking-royal-abdicates.html|title=Business profile: Dynasty ends as a banking royal abdicates|newspaper=The Daily Telegraph|date=19 April 2006}}</ref>
#[[Tom McKillop|Sir Tom McKillop]] (2006–2008)<ref>{{cite news|url=https://www.theguardian.com/business/2008/nov/20/royal-bank-of-scotland-tom-mckillop|title=McKillop takes responsibility for RBS plight|date=20 November 2008|newspaper=The Guardian|access-date=14 February 2023}}</ref>
#[[Philip Hampton|Sir Philip Hampton]] (2009–2015)<ref>{{cite news| url=https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9046377/Sir-Philip-Hampton-waives-1.4m-share-award.html | location=London | work=The Daily Telegraph | first=Richard | last=Tyler | title=Sir Philip Hampton waives £1.4m share award | date=28 January 2012}}</ref>
#[[Howard Davies (economist)|Sir Howard Davies]] (2015–2024)<ref>{{cite news|url=https://www.theguardian.com/business/2015/feb/26/sir-howard-davies-returns-financial-roots-rbs-city|title=Sir Howard Davies returns to his financial roots with RBS job|date=26 February 2015|newspaper=The Guardian|access-date=14 February 2023}}</ref>

=== List of former chief executives ===
Prior to 1976, the group served as a holding company and had no executive powers; the position of managing director was created in 1976, and was renamed group chief executive following the merger with [[Williams & Glyn's Bank]] in 1985.<ref name=":7">{{Cite web|url=https://www.natwestgroup.com/heritage/people/john-burke.html|title=John Burke &#124; NatWest Group Heritage Hub|website=www.natwestgroup.com}}</ref>
#John Burke (1976–1982)<ref name=":7" />
#Sid Procter (1982–1985)<ref>{{Cite web|url=https://www.natwestgroup.com/heritage/people/charles-winter.html|title=Charles Winter &#124; NatWest Group Heritage Hub|website=www.natwestgroup.com}}</ref>
#Charles Winter (1985–1991)<ref>{{cite news|url=https://www.scotsman.com/news/how-royal-bank-came-back-brink-2459946|title=How Royal Bank came back from the brink|date=16 April 2005|newspaper=The Scotsman|access-date=14 February 2023}}</ref>
#[[George Mathewson|Sir George Mathewson]] (1992–2001)<ref name=mathewson/>
#[[Fred Goodwin]] (2001–2008)<ref>''[[The Journal (student newspaper)|The Journal]]'', 26 January 2009, [http://www.journal-online.co.uk/article/5295-rbss-fred-goodwin-the-worlds-worst-banker RBS's Fred Goodwin: the world's worst banker?] {{webarchive|url=https://web.archive.org/web/20090304173343/http://www.journal-online.co.uk/article/5295-rbss-fred-goodwin-the-worlds-worst-banker |date=4 March 2009 }}</ref>
# [[Stephen Hester]] (2008–2013)<ref>{{Cite web|url=https://www.ibtimes.co.uk/stephen-hester-rbs-pay-bonus-libor-fixing-467504|title=Stephen Hester Profile: CEO Behind Transformation of RBS|date=14 May 2013|website=International Business Times UK}}</ref>
# [[Ross McEwan]] (2013–2019)<ref>{{Cite news|url=https://www.ft.com/content/1605e4b8-ad40-11e4-a5c1-00144feab7de |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/1605e4b8-ad40-11e4-a5c1-00144feab7de |archive-date=10 December 2022 |url-access=subscription |url-status=live|title=Monday interview: Ross McEwan, Royal Bank of Scotland CEO|newspaper=Financial Times|date=8 February 2015|last1=Arnold|first1=Martin}}</ref>
# [[Alison Rose (banker)|Dame Alison Rose]] (2019–2023)<ref>{{cite news |last1=Jones |first1=Huw |title=Alison Rose gets top job at RBS, first woman to lead major UK lender |url=https://uk.reuters.com/article/us-rbs-ceo/alison-rose-gets-top-job-at-rbs-first-woman-to-lead-major-uk-lender-idUKKBN1W50IT |archive-url=https://web.archive.org/web/20190920072537/https://uk.reuters.com/article/us-rbs-ceo/alison-rose-gets-top-job-at-rbs-first-woman-to-lead-major-uk-lender-idUKKBN1W50IT |url-status=dead |archive-date=20 September 2019 |access-date=1 November 2019 |work=Reuters |date=20 September 2019}}</ref><ref name="auto">{{cite web |title=NatWest boss steps down with immediate effect over Nigel Farage bank account leak |url=https://news.sky.com/story/natwest-boss-steps-down-with-immediate-effect-over-nigel-farage-bank-account-leak-12927506 |website=[[Sky News]] |access-date=26 July 2023}}</ref>

==Controversies==

===Media commentary and criticism===
During Goodwin's tenure as CEO, he attracted some criticism for lavish spending, including on the construction of a £350m headquarters in Edinburgh opened by [[Elizabeth II|Queen Elizabeth II]] in 2005<ref>''[[The Scotsman]]'', 14 September 2005, [http://business.scotsman.com/royalbankofscotland/Queen-opens-350m-bank-HQ.2661126.jp Queen opens £350m bank HQ]</ref> and a $500m headquarters in the US begun in 2006,<ref name=slate011208>''Slate'', 1 December 2008 [http://www.slate.com/id/2205753/ Who's the World's Worst Banker?]</ref> and the use of a [[Dassault Falcon 900]] jet owned by [[leasing]] subsidiary Lombard for occasional corporate travel.<ref>''[[The Times]]'', 6 April 2004, [https://web.archive.org/web/20110612114038/http://business.timesonline.co.uk/tol/business/article1056391.ece Banking star brought down to earth over jet-set perk]</ref>

In February 2009, RBS reported that, while Fred Goodwin was at the helm, it had posted a loss of £24.1bn, the biggest loss in UK corporate history.<ref name=guardian26feb09>''[[The Guardian]]'', 26 February 2009, [https://www.theguardian.com/business/2009/feb/26/rbs-record-loss RBS record losses raise prospect of 95% state ownership]</ref> His responsibility for the expansion of RBS, which led to the losses, has drawn widespread criticism. His image was not enhanced by the news that emerged in questioning by the [[Treasury Select Committee]] of the [[House of Commons of the United Kingdom|House of Commons]] on 10 February 2009, that Goodwin has no technical bank training, and has no formal banking qualifications.<ref>{{cite web |url=http://www.theherald.co.uk/news/news/display.var.2488353.0.Exchiefs_of_Royal_Bank_of_Scotland_and_HBOS_admitted_to_having_no_formal_banking_qualifications.php |title=Exchiefs of Royal Bank of Scotland And HBOS Admitted To Having No Formal Banking Qualifications|work=The Herald|access-date=27 February 2009 |url-status=dead |archive-url=https://web.archive.org/web/20090304140453/http://www.theherald.co.uk/news/news/display.var.2488353.0.Exchiefs_of_Royal_Bank_of_Scotland_and_HBOS_admitted_to_having_no_formal_banking_qualifications.php |archive-date=4 March 2009  }}</ref>

In January 2009, ''[[The Guardian]]'''s City editor, Julia Finch, identified him as one of twenty-five people who were at the heart of the financial meltdown.<ref>{{Cite news|author=Julia Finch|url=https://www.theguardian.com/business/2009/jan/26/road-ruin-recession-individuals-economy |title=Twenty-five people at the heart of the meltdown ... &#124; Business |work=The Guardian |location=UK |date= 26 January 2009|access-date=27 February 2009 }}</ref> [[Nick Cohen]] described Goodwin in ''The Guardian'' as "the characteristic villain of our day", who made £20m from RBS and left the government "with an unlimited liability for the cost of cleaning up the mess".<ref>{{Cite news|url=https://www.theguardian.com/commentisfree/2009/jan/18/nick-cohen-middle-class|title=It's not the poor the middle class really fear|last=Cohen|first=Nick|date=18 January 2009|work=The Guardian |location=UK |access-date=20 January 2009 }}</ref> An online column by [[Daniel Gross (journalist)|Daniel Gross]] labelled Goodwin "The World's Worst Banker",<ref name="slate011208"/><ref>{{cite web|url=http://www.newsweek.com/id/171688/page/1 |title=Economy: The World's Worst Banker &#124; Newsweek Voices – Daniel Gross |work=Newsweek  |date=18 December 2008 |access-date=27 February 2009}}</ref> a phrase echoed elsewhere in the media.<ref name=times20jan09>''[[The Times]]'', 20 January 2009, [https://web.archive.org/web/20110612114058/http://business.timesonline.co.uk/tol/business/economics/article5549510.ece Hubris to nemesis: how Sir Fred Goodwin became the 'world's worst banker']</ref><ref name=journal26jan09>''[[The Journal (Newcastle upon Tyne newspaper)|The Journal]]'', 26 January 2009, [http://www.journal-online.co.uk/article/5295-rbss-fred-goodwin-the-worlds-worst-banker RBS's Fred Goodwin: the world's worst banker?] {{webarchive|url=https://web.archive.org/web/20090304173343/http://www.journal-online.co.uk/article/5295-rbss-fred-goodwin-the-worlds-worst-banker |date=4 March 2009 }}</ref> [[Gordon Prentice]] MP argued that his knighthood should be revoked as it is "wholly inappropriate and anomalous for someone to retain such a reward in these circumstances."<ref>{{cite web|url=http://www.politics.co.uk/news/economy-and-finance/ex-rbs-chief-should-lose-knighthood--$1267707.htm |title=Ex-RBS chief 'should lose knighthood' |publisher=Politics.co.uk |access-date=27 February 2009}}</ref>

Other members have also frequently been criticised as "[[Fat cat (term)|fat cats]]" over their salary, expenses, bonuses and pensions.<ref>''[[The Times]]'', 13 October 2008, [https://web.archive.org/web/20110611192958/http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4933657.ece Brown targets fat cat pay after nationalising banks in £37&nbsp;billion bailout]</ref><ref>''[[Daily Mirror|The Mirror]]'', 7 May 2009, [https://www.mirror.co.uk/news/top-stories/2009/05/07/rbs-fat-cat-given-10m-pension-pot-115875-21338352/ RBS fat cat Gordon Pell given £10M pension pot]</ref><ref>''[[The Guardian]]'', 13 January 2010, [https://www.theguardian.com/business/cartoon/2010/jan/13/stephen-hester-fat-cat Stephen Hester's fat-cat flap]</ref><ref>''[[The Independent]]'', 19 April 2004, [https://www.independent.co.uk/news/business/news/rbs-braced-for-shareholder-showdown-over-fat-cat-bonuses-560382.html?cmp=ilc-n RBS braced for shareholder showdown over fat cat bonuses]{{dead link|date=August 2021|bot=medic}}{{cbignore|bot=medic}}</ref><ref>''[[Evening Standard]]'', 5 February 2009, [http://www.thisislondon.co.uk/standard/article-23635041-bailed-out-bankers-facing-curbs-on-fat-cat-bonuses.do Bailed-out bankers facing curbs on fat cat bonuses] {{Webarchive|url=https://web.archive.org/web/20110605090452/http://www.thisislondon.co.uk/standard/article-23635041-bailed-out-bankers-facing-curbs-on-fat-cat-bonuses.do |date=5 June 2011 }}</ref><ref>''[[The Scotsman]]'', 1 February 2010, [http://thescotsman.scotsman.com/uk/Billy-Bragg-takes-his-fight.6030140.jp Billy Bragg takes his fight to limit RBS bonuses to Speakers' Corner]</ref><ref>''[[The Daily Telegraph|The Telegraph]]'', 27 March 2009, [https://www.telegraph.co.uk/news/newstopics/howaboutthat/5060779/Sir-Fred-Goodwin-Fat-Cat-Cash-Back-game.html A game in which people are encouraged to get their revenge on the former Royal Bank of Scotland chief Sir Fred Goodwin has gone viral.]</ref>

===Fossil fuel financing===
RBS provides the financial means for companies to build [[coal-fired power station]]s and dig new coal mines at sites throughout the world. RBS helped to provide an estimated £8 billion from 2006 to 2008 to energy corporation [[E.ON]] and other coal-utilising companies.<ref>{{Cite news|author=Terry Macalister |url=https://www.theguardian.com/business/2008/aug/11/banking.ethicalbusiness |title=Climate change: High street banks face consumer boycott over investment in coal projects |work=Guardian |location=UK |date= 11 August 2008|access-date=18 April 2011}}</ref>

====Canadian oil sands====
[[Climate Camp]] activists criticise RBS for funding firms which extract oil from [[Athabasca oil sands|Canadian oil sands]].<ref>{{Cite news|author=Katharine Ainger |url=https://www.theguardian.com/commentisfree/2009/aug/27/climate-camp-takes-on-lobbyists |title=The tactics of these rogue climate elements must not succeed |work=[[The Guardian]] |location=UK |date= 27 August 2009|access-date=18 April 2011}}</ref> The [[Cree]] [[Indigenous peoples of the Americas|indigenous people]] describe RBS as being complicit in "the biggest environmental crime on the planet".<ref>{{Cite news|author=Terry Macalister |url=https://www.theguardian.com/business/2009/aug/23/london-tar-sands-climate-protest |title=Cree aboriginal group to join London climate camp protest over tar sands |work=Guardian |location=UK |date= 23 August 2009|access-date=18 April 2011}}</ref> In 2012, 7.2% of RBS' total oil and gas lending was to companies who derived more than 10% of their income from oil sands operations.<ref name="rbs.com">{{cite web|title=Energy sector lending|url=http://www.rbs.com/sustainability/citizenship-and-environmental/energy-sector-lending.html|work=Royal Bank of Scotland|access-date=13 December 2013|year=2013|url-status=dead|archive-url=https://web.archive.org/web/20131212233927/http://www.rbs.com/sustainability/citizenship-and-environmental/energy-sector-lending.html|archive-date=12 December 2013}}</ref>

===Huntingdon Life Sciences===
In 2000 and 2001, staff of the bank were threatened over its provision of banking facilities for the animal-testing company [[Huntingdon Life Sciences]]. The intimidation resulted in RBS withdrawing the company's overdraft facility, requiring the company to obtain alternative funding within a tight deadline.<ref>{{Cite web|url=http://www.veggies.org.uk/news/e001111a.htm|archive-url=https://web.archive.org/web/20060925180724/http://www.veggies.org.uk/news/e001111a.htm|title=Animal Rights news in the UK &#124; Animal testing lab faces ruin as bank cancels overdraft|archive-date=25 September 2006}}</ref><ref>{{Cite news|url=https://www.theguardian.com/Archive/Article/0,4273,4120748,00.html|work=The Observer |location=UK |title=Inside the labs where lives hang heavy in the balance|date=21 January 2001|access-date=27 April 2008  | first=Martin | last=Bright}}</ref>

===Nigel Farage===
{{Main|Nigel Farage Coutts bank scandal}}
In July 2023, former [[Member of the European Parliament|MEP]] [[Nigel Farage]] had his account closed by Coutts, according to a report by the BBC, for failing to meet the required minimums.<ref>{{Cite news|url=https://www.bbc.com/news/business-66097039|title=Nigel Farage bank account shut for falling below wealth limit|website=BBC News|date=4 July 2023 |access-date=4 July 2023}}</ref> However, revelations published in [[The Daily Telegraph]] newspaper disproved the BBC's report and showed that financially Farage's accounts' "economic contribution is now sufficient to retain on a commercial basis", and that the accounts were closed after an internal risk committee at Coutts judged his "views were at odds with our position as an inclusive organisation".<ref>{{Cite web|url=https://www.telegraph.co.uk/news/2023/07/18/coutts-records-undermine-claim-exiting-farage-not-political/|title=The dossier that blows apart the Coutts claims about closing Nigel Farage's account|website=The Telegraph|access-date=18 July 2023|date=18 July 2023}}</ref> CEO Dame Alison Rose resigned after admitting to being the source of the inaccurate BBC report and for suggesting that his accounts had been closed only for commercial rather than any political reasons, and for this being a breach of client confidentiality.<ref name="auto"/>

=== Regulatory breaches ===
To date NatWest has paid total penalties of £703,562,895 in fines for UK regulatory breaches between 2010 and 2023,<ref>{{Cite web |date=3 August 2023 |title=Violation Tracker UK Parent Company Summary Page |url=https://violationtrackeruk.goodjobsfirst.org/parent/natwest-group-plc |access-date=3 August 2023 |website=Violation Tracker UK}}</ref> making it one of the most penalised parent companies in the UK according to the website Violation Tracker UK.<ref>{{Cite web |date=3 August 2023 |title=Violation Tracker UK 100 Most Penalised Parent Companies |url=https://violationtrackeruk.goodjobsfirst.org/top-100-parents |website=Violation Tracker UK}}</ref>

In the US it has incurred total penalties of over $14 billion for corporate infringements between 2000 and 2023.<ref>{{Cite web |date=3 August 2023 |title=Violation Tracker Current Parent Company Summary |url=https://violationtracker.goodjobsfirst.org/parent/natwest-group-plc |access-date=3 August 2023 |website=Violation Tracker}}</ref>

=== Staff Messaging ===
In November 2024, NatWest Group blocked [[WhatsApp]], [[Facebook Messenger]], and [[Skype]] on company devices in the UK to stop staff using them to communicate with each other due to security concerns.<ref>{{Cite web |date=2024-11-12 |title=NatWest blocks staff from using WhatsApp and Facebook Messenger |url=https://www.bbc.co.uk/news/articles/cvgl72lrd50o |access-date=2024-11-13 |website=BBC News |language=en-GB}}</ref>

The initiative of banning certain apps for staff communication came into existence after fines of more than $2.5 billion levied against other banks in the United States.<ref>{{Cite web |last=Times |first=Ben Martin, Banking Editor, The |date=2024-11-11 |title=WhatsApp ban for NatWest staff |url=https://www.thetimes.com/business-money/companies/article/whatsapp-ban-for-natwest-staff-b0dlbw30h |access-date=2024-12-02 |website=www.thetimes.com |language=en}}</ref> [[JPMorgan Chase]], [[Wells Fargo]], [[Bank of America]] and [[Citigroup]] were among other banks who were issued with penalties for the misuse of record-keeping-rules.<ref>{{Cite web |title=NatWest blocks staff from using WhatsApp and Facebook Messenger |url=https://www.bbc.com/news/articles/cvgl72lrd50o |access-date=2024-12-02 |website=www.bbc.com |date=12 November 2024 |language=en-GB}}</ref>

==See also==
{{col div|colwidth=30em}}
* [[List of banks in the United Kingdom]]
* [[List of systemically important banks]]
* [[Systemically important financial institution]]
* [[Too big to fail]]
* [[High-yield debt]]
* [[Inter-Alpha Group of Banks]]
{{colend}}

==References==
{{reflist|colwidth=30em}}

==External links==
* {{official website|https://www.natwestgroup.com}}

{{NatWest Group}}
{{Navboxes|list1=
{{FTSE 100 Index constituents}}
{{UK banks}}
{{Scottish banks}}
{{2008 economic crisis}}
}}

{{authority control}}

[[Category:NatWest Group| ]]
[[Category:1969 establishments in Scotland]]
[[Category:Banks based in Edinburgh]]
[[Category:Banks established in 1969]]
[[Category:British companies established in 1969]]
[[Category:Companies listed on the London Stock Exchange]]
[[Category:Companies listed on the New York Stock Exchange]]
[[Category:Investment banks in the United Kingdom]]
[[Category:Organisations based in Edinburgh with royal patronage]]
[[Category:Companies in the FTSE 100 Index]]