NatWest admits ‘serious failings' in Nigel Farage incident; shares slide after earnings

NatWest shares fell on Friday, as the British bank said it had made"serious failings" in its handling of politician Nigel Farage's bank account, and a U.K. financial regulator found potential breaches.The logo of NatWest, a retail unit of RBS, outside a bank branch in London, U.K., on Tuesday, June 26, 2012.

NatWest CEO Alison Rose then admitted to discussing Farage's bank account with a BBC reporter, supplying information that was used in a story and later proved to be inaccurate. She eventuallyAlison Rose, NatWest chief executive, departs 10 Downing Street in London, after meeting with Chancellor Jeremy Hunt.

NatWest Group Chairman Howard Davies said the report"sets out a number of serious failings in the treatment of Mr Farage." Davies said the findings showed a"lawful basis for the exit decision" but"clear shortcomings in how it was reached as well as failures in how we communicated with him and in relation to client confidentiality."on Friday, posting pre-tax profit of £1.33 billion coming in roughly in-line with analyst estimates, according to Reuters.

The bank said that it expects a margin for the full-year of"greater than 3%," following a prior forecast of"around 3.15%."

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NatWest admits 'serious failings' in Nigel Farage incident; shares slide after earningsA review into the closure of Brexit figurehead Nigel Farage's account found 'potential regulatory breaches and a number of areas for improvement.'
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European stocks mixed as investors assess global data, earnings; NatWest down 12%European stocks were mixed Friday, with earnings and the state of the global economy keeping sentiment on edge.
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