NatWest Retail Banking Chief David Lindberg to Step Down in 2025

By Evans Momodu

David Lindberg, NatWest Group’s retail banking CEO, is set to leave his role in the first quarter of 2025. Lindberg, who has led the bank’s high street operations for over four years, oversees a division serving 17 million UK customers and accounting for nearly half of NatWest’s annual profits.

Previously considered for the group CEO position following Dame Alison Rose’s departure in 2023, Lindberg lost out to Paul Thwaite, who assumed the role permanently earlier this year.

A former executive at Australia’s Westpac and Commonwealth Bank, Lindberg’s departure marks a significant leadership change as NatWest moves closer to returning to full private sector ownership.

Last week, the UK Treasury’s stake in the bank fell below 10%—a milestone in its recovery from the 2008 financial crisis bailout.

A successor for Lindberg has yet to be announced, with further details about his departure expected this week.

Key Context

• NatWest’s Journey: The bank, bailed out with £45.5bn during the 2008 financial crisis, is on track for full privatisation by mid-2025.
• Leadership Transition: CEO Paul Thwaite is set to see his pay package increase to £6.5m, pending shareholder approval next spring.
• Market Valuation: NatWest shares currently trade at around 408p, valuing the group at approximately £33bn.

This leadership change reflects NatWest’s ongoing evolution in a competitive financial landscape.
Source: Sky news
Image: INews