NatWest is set to scrap most of Dame Alison Rose’s £10million payoff after the former boss quit in disgrace over Nigel Farage debanking row.
The bank has decided not to pay most of her pay package’s discretionary elements, Sky News has reported.
A source close to NatWest told the news channel that the decision is to be announced to the London Stock Exchange at the end of this week.
Rose stepped down from the state-backed lender at the end of July after admitting she had inaccurately briefed a BBC journalist about the reasons for closing Farage’s Coutts accounts.
She suggested that he did not meet banking criteria for Coutts but it later emerged that it was also in part to do with his political views.
The bank has decided not to pay most of Dame Alison Rose’s pay package’s discretionary elements, Sky News has reported
Rose stepped down from the state-backed lender at the end of July after admitting she had inaccurately briefed a BBC journalist about the reasons for closing Farage’s (pictured) Coutts accounts
A public filing by NatWest showed she was still receiving her annual £2.4 million pay in August. She has also been eligible to be considered for a pro-rata portion of £2.9 million of bonuses and long-term share awards she received last year.
She also holds around £5.65 million worth of shares in the company.
Her contract stipulated she would receive £1.16million every year, with extra payment coming in deferred share awards.
And the bank is also expected to pay her legal fees, Sky reports.
Mr Farage lost his account at Coutts, whose clients include members of the Royal Family, after an internal report said his views did not align with the bank’s values and he was ‘transphobic’.
The row led to the resignation of NatWest boss Dame Alison Rose after she falsely told a journalist Mr Farage’s views had not been a factor in the loss of his account.
Last month Mr Farage told the Mail that it was the ‘woke’ culture under Dame Alison’s leadership which contributed to the ‘vile’ comments by staff.
He called for her to be stripped of any bonuses, adding: ‘This is NatWest head office, this isn’t just a local branch. These were the people working directly under Dame Alison Rose.
A public filing by NatWest showed she was still receiving her annual £2.4 million pay in August
‘I think that people working within an organisation that is heavily state-owned, should just not be behaving in this highly politicised, prejudicial manner.
‘And yes, I think there should be staff suspensions and there must be another inquiry about how on earth people at NatWest are allowed to behave like this.
‘I can’t imagine people anywhere else being allowed to talk about their customers in this way. After the Coutts stuff it was difficult to believe that anything could be worse, but this is.’