Natwest to bring wealth management divisions under single leadership
Natwest has today announced that it will bring all of its wealth management businesses under the single leadership of private banking chief executive Peter Flavel.
In a bid to strengthen its relationship with its high and ultra-high net worth clients, the lender said the move would bring together Coutts, Adam & Company, Holt’s, Drummonds, PCAIS and now Premier Banking and Premier 24.
The bank said that the move would help existing customers “manage their finances more thoroughly and live financially better lives”.
Flavel said: “Combining the collective expertise and resources of our Premier Banking and Private Banking teams will bring a more targeted focus on the wider Natwest Group’s affluent customer-base.
“There are benefits that Premier will bring to Private and vice versa. The new structure means we can focus on the evolving and changing financial requirements of customers through each stage of their lifetime.”
He added that the new service would put Coutts’ asset management expertise “at the heart of all investment propositions”.
The bank also said that it hoped the move would help the UK to narrow its savings gap, which Deloitte has said could reach £350bn by 2050.
Earlier this week Natwest announced that it would cut at least 500 jobs across its retail business and shutter one of its London offices as it battles to cut costs during the Covid-19 crisis.
The bank said it will carry out a voluntary redundancy plan affecting 550 roles in its branches and premier banking service.
It will also close its Regents House office in Angel, which served as one of the bank’s biggest tech hubs and can house roughly 2,500 employees.
The cuts mark the latest step in Natwest’s efforts to slim down its operations ahead of a surge in expected loan losses prompted by the pandemic.
It comes days after it emerged Natwest will oust three senior executives at the helm of its Natwest Markets division amid a renewed focus on its retail and commercial arms.