The crisis at NatWest has deepened after a profit warning sent shares in the taxpayer-owned lender plunging and the City watchdog launched a review into its handling of the Nigel Farage debanking fiasco. The Telegraph has more.
Shares in the high street bank fell by as much as 18% in early trading on Friday – their biggest same-day drop since the result of the Brexit referendum was revealed in June 2016.
It came as NatWest reels from a row over its decision to close bank accounts held at Coutts by Mr. Farage, the Brexit campaigner turned GB News presenter.
On Friday, the pressure ramped up further as the bank slashed its profit margin guidance and the Financial Conduct Authority said it was opening an investigation into the handling of the Farage scandal.
Richard Hunter, of Interactive Investor, said: “The market is taking no prisoners in this reporting season and NatWest shares have again been pounded in opening exchanges.”
Once again: go woke, go broke.
Worth reading in full.
Stop Press: Gordon Rayner sets out the “laughable” discrepancies in the Farage debanking “whitewash” review by law firm Travers Smith.