Alison Rose steps down as chief executive of NatWest

The controversial political pundit claimed that Coutts, NatWest’s private bank, had decided to close his account because of his political views.

Rose was not involved in the decision. But she implied to the BBC that the bank had made the decision solely for commercial reasons, which was inaccurate. The broadcaster apologised to Farage and Rose admitted the conversation was a "serious error of judgement".

Pressure remained on the bank, however, with both Downing Street and chancellor Jeremy Hunt understood to be concerned, and Rose’s departure was announced in the early hours of Wednesday morning.

NatWest chair Howard Davis said that the board and Rose had decided she would step down by mutual consent.

He continued: "It is a sad moment. She has dedicated all her working life so far to NatWest, and will leave many colleagues who respect and admire her."

In a statement, Rose said: "I remain immensely proud of the progress the bank has made in supporting people, families and business across the UK, and building the foundations for sustainable growth."

Rose, who has been at NatWest for three decades, became the first woman to head up one of the UK’s main banks when she was named chief executive in 2019.

She has been replaced by Paul Thwaite, chief executive of NatWest’s commercial and institutional business, who has been named interim chief executive for an initial period of 12 months.

NatWest was bailed out by the government following the 2008 financial crisis. The government is selling down its stake, but still owns around 38% of the blue chip.