Natwest’s head honcho Paul Thwaite has received a huge £6.6m pay package for 2025, an increase of almost £2m on the previous year, making him the bank’s highest paid chief executive in years
Natwest boss Paul Thwaite has received the bank’s largest chief executive payout since his disgraced predecessor Fred Goodwin. The banker was given a whopping £6.6m pay package for 2025, up from £4.9 million the previous year.
This makes him the bank’s highest paid chief executive since Fred the Shred took home £7.7m in the lead-up to the 2008 financial crash. Thwaite saw his pay package soar by a third last year as he picked up more than £4 million in bonus and share awards.
He landed a £1.5 million annual bonus, which will be paid in early 2026, and £2.5 million in long-term share awards.
The excesses of Fred the Shred have been blamed for the bank needing a £45bn government bailout during the banking crisis in 2008.
Thwaite has defended his pay returning to close to pre-financial crisis levels when the bank was known as the Royal Banks of Scotland (RBS).
He said: “I recognise that senior roles in financial services, in banking and actually in wider professional services, are very well paid.
“I appreciate that. The exec pay policy is set by the board. It’s voted on by shareholders.
“There’s obviously a very close link between reward and performance. And it goes up and down depending upon performance.
“So that’s all I’ll say on that, really.”
His bumper pay package comes after the bank’s profits soared by nearly a quarter in 2025.
Thwaite’s earning power has been bolstered by the bank’s full privatisation last year and the lifting of the banker bonus cap.