NatWest’s interim boss Paul Thwaite has wasted no time reshaping the group management team by parting company with Peter Flavel, CEO of private bank Coutts, which was at the centre of the Nigel Farage outrage.

Mr Flavel is also CEO of the group’s wealth businesses and he will leave by mutual consent with immediate effect.

“Whilst I will be personally sorry to lose Peter as a colleague, I believe this is the right decision for Coutts and the wider Group,”said Mr Thwaite.

Mohammad Kamal Syed will step into the role of interim CEO of Coutts and the wealth businesses. Mr Thwaite said Mr Syed “is the ideal person to lead Coutts through this difficult time as we begin the search for Peter’s replacement.”

Mr Flavel said “I am exceptionally proud of my seven years at Coutts and I want to thank the team that have built it into such a high performing business. 

“In the handling of Mr Farage’s case we have fallen below the bank’s high standards of personal service.  As CEO of Coutts it is right that I bear ultimate responsibility for this, which is why I am stepping down.”

Mr Thwaite was installed as NatWest’s temporary CEO following the dismissal of Dame Alison Rose who admitted being the source of a leak about Mr Farage’s personal banking details.