David Lindberg resigns as CEO of NatWest retail banking ahead of major changes

In December 2024, major leadership changes are announced at NatWest Group, a prominent UK banking institution. David Lindberg, who has held the position of retail banking CEO for just over four years, is set to leave his role in the first quarter of 2025. His departure comes amidst plans for the bank's return to full private ownership following the financial crisis bailout that occurred in 2008, in which the bank was significantly supported with taxpayer funds. Additionally, Lindberg was considered for the role of group CEO after the exit of Dame Alison Rose but ultimately did not secure the position, which went to Paul Thwaite earlier in the year. As the chief of retail banking, Lindberg oversees a substantial workforce of 13,000 employees and is responsible for nearly half of NatWest's annual profits, highlighting the importance of his role within the organization. His exit comes as shareholders are being consulted regarding Thwaite's potential pay package, which may rise to approximately £6.5 million. The bank's future direction includes a strategic shift back to private ownership, indicated by the Treasury's shareholding dipping below 10%. This transition is scheduled to happen alongside a broader restructuring as NatWest aims to optimize its operations after years of government involvement in its finances.