Coutts chief quits and crisis wipes £1bn off NatWest shares

Ousting of boss of private bank may not be last departure as prime minister fails to back chairman Howard Davies

The head of private bank Coutts has been ousted over the closure of Nigel Farage's bank accounts in a desperate attempt by NatWest to contain a crisis that has wiped 1bn off its share price.

Peter Flavel's resignation from Coutts was pushed through by the NatWest interim chief executive, Paul Thwaite, but despite the move, the future of its chairman, Sir Howard Davies, appeared far from secure.