'Mr Farage has now claimed two of the three scalps he was looking for' Sky's business presenter IanKingSky explains what let to Coutts CEO Peter Flavel stepping down. Full story 🏦 📺 Sky 501, Virgin 602, Freeview 233 and YouTube
From a personal point of view, you'd have to say it was a great shame because Peter Flavel has been an absolutely exceptional chief executive of Coutts.He really came into a business that was at quite a low ebb at the time.
He merged a lot of functions, he took a lot of cost out of the business, but it became very rapidly one of the more profitable parts of the broader NatWest Group. There were a lot of sportsmen and musicians who were lured to the business, he gave it a far more modern feel, and that's actually borne out if you go to the Coutts head office.
I actually asked Mr Flavel on air once whether he was the King's banker, and he said, somewhat ironically in view of recent events,"well, we never discussed client affairs", but that's really what has undone Mr Flavel.Initially, this narrative was put out that it was because he failed to meet the bank's wealth criteria.
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