Paul Thwaite, the current chief executive of NatWest, has been awarded a significant pay package of £6.6 million for the year 2025, marking the largest compensation for a CEO of the banking group since the controversial era of Fred Goodwin, who was at the helm during the financial crisis of 2008. Thwaite's compensation is notable as it surpasses the £5.2 million earned by his predecessor, Alison Rose, and represents a one-third increase in his overall pay. This increase comes at a time when NatWest has returned to full private ownership after being bailed out during the financial crisis.

Thwaite took over the leadership of NatWest, formerly known as the Royal Bank of Scotland (RBS), amidst a backdrop of public scrutiny following the bank's decision to close the accounts of prominent political figure Nigel Farage, prompting accusations of discrimination. While Thwaite's pay packet indicates a vote of confidence from the board, it also revives discussions about executive pay in the banking sector, particularly in light of the historical context of excessive compensation leading to previous financial downfalls in the UK banking system.

The timing of this pay hike raises questions among stakeholders about the moral implications of such a significant sum in the aftermath of economic challenges faced by many, especially considering the public backlash aimed at banking executives over perceived mismanagement during crisis periods. The banking industry is still under intense scrutiny, and Thwaite’s earnings could influence employer and public attitudes towards corporate governance and accountability in financial sectors moving forward.