NatWest Group is to scrap the bulk of a possible £10m-plus payout to Dame Alison Rose, its former chief executive, as it tries to draw a line under the debanking row sparked by the closure of Nigel Farage’s Coutts accounts.
Sky News has learnt that the board of NatWest, which is just under 40% owned by British taxpayers, has decided not to pay most of the discretionary elements of Dame Alison’s pay package.
A source close to the bank said the NatWest board’s decision was expected to be announced to the London Stock Exchange on Friday.
While the precise numbers were unclear on Thursday evening, it had been expected that NatWest would adopt a hard line towards its former chief, who stepped down in late July after admitting that she discussed the former UKIP leader’s banking arrangements with a BBC journalist.
The NatWest board’s decision means that Dame Alison will forfeit millions of pounds in unvested share awards, although she is expected to receive a seven-figure sum in the form of her basic salary and fixed share allowance.
Dame Alison’s contract, which incorporated a 12-month notice period, stipulated that she would receive an annual salary of £1.16m, with a further sum of the same amount in deferred share awards.
Her legal fees are also expected to be paid by the bank.
Dame Alison had accrued unvested share awards worth roughly £5m, most of which had been awarded since she became chief executive in 2019.
It emerged following a subject access request by Mr Farage that NatWest employees had belittled the broadcaster and former politician, making a stream of pejorative comments about his views and finances.
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1:09
‘The report is an utter whitewash’
Last month, the bank apologised to Mr Farage, acknowledging that it had been guilty of “serious failings” in the way it had treated him.
The decision to “debank” Mr Farage sparked a firestorm in Westminster and forced the City watchdog into an urgent review of the practice across Britain’s banking sector.
According to a public filing by NatWest in August, Dame Alison has been receiving her annual £2.4m package comprising base salary, pension contribution and a share-based fixed-pay allowance since her departure at the end of July.
She was also eligible to be considered for a pro-rata portion of the £2.9m annual bonus and long-term share awards that made up the remainder of her total maximum pay package of £5.3m.
In addition, she held roughly 2.5 million unvested shares in NatWest, which at Thursday’s closing share price of 200.8p were worth in the region of £5m.
That amounted to a theoretical total of more than £10m, although the fact that Dame Alison left midway through 2023 means she would in any case only have been eligible for just over half of the £2.9m in annual variable pay.
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‘It’s about values’: PM on Farage row
The Treasury was expecting to be consulted on the terms of her exit package ahead of an announcement, although it was unclear on Thursday evening whether it had given its consent.
Dame Alison left the bank by mutual consent – where she had been widely regarded to be doing an effective rebuilding job 15 years after its £45.5bn taxpayer bailout – after acknowledging that she had inaccurately briefed a BBC journalist about the reasons for closing Mr Farage’s accounts.
The report, which the broadcaster was forced to amend, suggested that the former UKIP leader did not meet its commercial criteria.
It subsequently emerged that his political views had been instrumental in the decision.
Dame Alison has been replaced on an interim basis by Paul Thwaite, formerly the head of its commercial business.
Dame Alison, the first woman to run one of Britain’s big four London-listed banks, had initially sought to draw a line under the row with Mr Farage by apologising to him, and then by foregoing her bonus for this year.
Within hours, however, signals from Downing Street that it had lost confidence in her leadership prompted the bank to convene an emergency board meeting to rubber-stamp her departure.
NatWest, the Treasury and a spokesman for Dame Alison all declined to comment.
A man has been detained in Leeds after being “seen with weapons” and three people were left injured.
Police were called to Otley Road at 2.47pm on Saturday to reports of a “serious incident involving a man seen with weapons”, West Yorkshire Police said.
Officers arrived at the scene to find three people injured and a man was detained at the scene, the force said. The injuries are not believed to be life-threatening.
Image: Officers inside the cordon in Leeds
Image: Officers guard one of the crime scenes
Image: An ambulance inside one of the cordons
Inquiries are under way to establish the “wider circumstances” and a “number” of crime scenes remain in place, they added.
This breaking news story is being updated and more details will be published shortly.
Wrexham AFC have been promoted for the third season in a row.
The North Wales-based side has gone from the National League to the Championship in just three seasons, under its Hollywood owners Ryan Reynolds and Rob McElhenney.
Wrexham were second in the table and had a run of eight games unbeaten ahead of their match against Charlton Athletic on Saturday, which they won 3-0.
Image: Wrexham’s James McClean lifts the League One trophy. Pic: PA
Image: Wrexham’s Dan Scarr celebrates with the fans on the pitch after Wrexham won promotion to the Championship. Pic: PA
It is the first time any club has been promoted for three consecutive seasons within the top five tiers of English football.
The third oldest association football club in the world, Wrexham AFC was bought by Reynolds and McElhenney in 2020, and has since been the subject of a Disney+ documentary, Welcome To Wrexham.
Reynolds, wearing a Wrexham sweatshirt, and McElhenney were pictured celebrating each goal, and after the game, as the fans came onto the pitch at the SToK Cae Ras (Racecourse Ground) to celebrate the victory with the players.
Image: Wrexham co-owners Rob McElhenney (L) and Ryan Reynolds and Ryan’s wife Blake Lively, before the match. Pic: PA
Both stars came onto the pitch after the supporters returned to the stands.
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Speaking to Sky Sports, McElhenney praised those behind the scenes, referring to “so many that don’t get the credit they deserve, people who aren’t talked about”.
Reynolds said bringing success back to the club “seemed like an impossible dream” when they arrived in North Wales in 2020.
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Image: Wrexham’s Sam Smith celebrates in front of the fans after Wrexham won promotion to the Championship. Pic: PA
He put the three promotions down to “the coaching staff, the greatest dressing room” and an “all for one, one for all” attitude throughout the club, adding he was “speechless with their commitment and their emotion”.
As for the mouth-watering prospect of another promotion to the promised land of the Premier League, the pair agreed it was “for tomorrow”, before ending the interview with a joint mic-drop.
Veteran striker Steven Fletcher said, “as soon as I came to this club, I knew it was something special. We want to go again. We’ll reset in the summer, take a break and go again”.
The trip came just a week-and-a-half after Buckingham Palace confirmed the King had been taken to hospital following side effects related to his ongoing cancer treatment.
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Pope’s coffin passes Colosseum after Vatican service
Number 10 confirmed the prime minister received an invite and so he attended the ceremony.
Speaking on Tuesday, Sir Keir said there had been “an outpouring of grief and love” for the Pope.
He added: “I think it reflects the high esteem in which he was held, not just by millions and millions of Catholics, but by many others, across the world, myself included.”
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0:38
Trump pays respects to Pope
The US president was one of the first to confirm he would be flying to Rome, adding he would be joined by first lady Melania Trump.
Writing on his social media platform Truth Social on Monday, he said: “Melania and I will be going to the funeral of Pope Francis, in Rome. We look forward to being there!”
The Pope had been critical of Mr Trump at times during his tenure.
In January, he said it would be a “disgrace” if the president went ahead with his crackdown on immigration, telling an Italian television station: “It would make the migrants, who have nothing, pay the unpaid bill.
“It doesn’t work. You don’t resolve problems this way.”
Image: Prime Minister Giorgia Meloni (right) arrives for the funeral. Pic: AP
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Scale of funeral service from above
The Italian premier, along Argentine leader Javier Milei (below) had place of pride in the seating order for the service.
The Vatican is, of course, surrounded by the Italian capital Rome, while the Pope was born and grew up in Argentina and was once Archbishop of Buenos Aires.
The president of Pope Francis’s native Argentina was also at the ceremony, despite having launched insults at Francis in recent years.
Before taking office in December 2023, the far-right politician called him “an imbecile, the representative of evil on Earth”.
Mr Milei alluded to their “differences” in his tribute to the late Pope, writing: “It is with profound sorrow that I learned this sad morning that Pope Francis, Jorge Bergoglio, passed away today and is now resting in peace.
“Despite differences that seem minor today, having been able to know him in his goodness and wisdom was a true honour for me.”
Former US president Joe Biden, 82, was at the funeral with his wife Jill. The couple were seen taking their places in the bright sunshine prior to the service.
Mr Biden appeared to be getting some help to his seat, taking the arm of a member of the church.
• Ireland’s taoiseach Micheal Martin • Spain’s King Felipe and Queen Letizia • Albanian president Bajram Begaj • Angola’s president Joao Lourenco • Austrian president Alexander Van der Bellen • Bangladesh’s chief adviser and interim leader Muhammad Yunus • Belgium’s King Philippe and Queen Mathilde, along with prime minister Bart De Wever • Canada’s governor general Mary Simon • Cape Verde president Jose Maria Neves • Croatia’s president Zoran Milanovic • Cyprian president Nikos Christodoulides • Czech Republic’s prime minister Petr Fiala • Democratic Republic of Congo president Felix Tshisekedi • Dominican Republic’s president Luis Abinader • East Timor’s president Jose Ramos-Horta • Ecuador’s president Daniel Noboa • Estonia’s president Alar Karis • Finland’s president Alexander Stubb • Gabon’s president Brice Oligui Nguema • German president Frank-Walter Steinmeier and outgoing chancellor Olaf Scholz • Greece’s prime minister Kyriakos Mitsotakis • Honduras president Xiomara Castro • Hungary’s president Tamas Sulyok • Italy’s president Sergio Mattarella and prime minister Giorgia Meloni • Latvian president Edgars Rinkevics • Lithuanian president Gitanas Nauseda • Moldova’s president Maia Sandu • Netherlands’ prime minister Dick Schoof • New Zealand’s prime minister Christopher Luxon • Norway’s Crown Prince Haakon and Crown Princess Mette-Marit • The Philippines’ president Ferdinand Marcos Jr • Poland’s president Andrzej Duda • Portugal’s president Marcelo Rebelo de Sousa and prime minister Luis Montenegro • Romania’s interim president Ilie Bolojan • Sweden’s King Carl XVI Gustaf, Queen Silvia and prime minister Ulf Kristersson • Switzerland’s president Karin Keller-Sutter
Image: Pope Francis walks next to Putin at the Vatican in 2015. Pic: AP
The Russian president did not attend the funeral.
But the controversial leader paid tribute to the Pope, writing a message to Cardinal Kevin Farrell, who is interim chief of the Catholic Church.
“Please accept my most sincere condolences on the passing of His Holiness Pope Francis,” Mr Putin said.
“Throughout the years of his pontificate, he actively promoted the development of dialogue between the Russian Orthodox and Roman Catholic churches, as well as constructive cooperation between Russia and the Holy See.”
Image: Pope Francis and Benjamin Netanyahu meet at the Vatican in 2013. Pic: AP
Israeli Prime Minister Benjamin Netanyahu also did not attend the ceremony, with the country’s ambassador Yaron Sideman going instead.
The Jewish state and the Vatican have had strong relations in the past, with Israel sending a presidential delegation to the funeral of Pope John Paul II in 2005, and Pope Francis visiting Israel in 2014.
But their relationship has deteriorated since the start of the war in Gaza.
A month after the conflict started in 2023, a dispute broke out over whether Pope Francis had used the word “genocide” to describe events in Gaza. Palestinians who met with him said he did, but the Vatican said he did not.
The Pope met relatives of Israeli hostages on the same day.
Israeli officials have since lobbied the Vatican to be more forceful in its condemnation of Hamas.
In January, the Pope called the humanitarian situation in Gaza “shameful”, prompting criticism from Rome’s chief rabbi, Riccardo Di Segni, who accused Francis of “selective indignation”.
Rabbi Di Segni said he would be attending the funeral, despite it taking place on the Jewish sabbath.
Was there a seating plan?
The seats were assigned in advance, with the heads of state sitting in French alphabetical order based on their country’s name, rather than on the individual’s.
This applied to everyone apart from the presidents of Italy and Argentina, who got the best seats because the Pope lived in Italy and was an Argentinian native.