Dame Alison took the reins of the Royal Bank of Scotland (RBS) Group after stabilizing the bank that was on the verge of collapse during the financial crisis. As a detail-oriented CEO, her employees admired her ability to understand the inner workings of the bank, often leaving them scrambling for answers to her probing questions. With her reputation as a reliable banker, she was seen as a continuity candidate to navigate the bank through a more stable period.
In the years leading up to her appointment, RBS Group had undergone significant changes, downsizing its workforce and withdrawing from many countries. However, Dame Alison believed that the bank was still too complex and faced difficulties in implementing change. One of her earliest decisions was to rebrand the bank from RBS to NatWest, though this was primarily a cosmetic change.
NatWest had overshadowed RBS within the group, with the majority of customers banking at NatWest rather than RBS branches. It was noted that Dame Alison had previously held positions at NatWest before becoming CEO, underscoring her connection to the bank. Additionally, she oversaw the transition of RBS Group back to private ownership, with the government reducing its stake in NatWest Group.
Two significant issues dominated Dame Alison’s tenure as CEO. Firstly, she led the bank’s efforts to transition away from carbon-intensive businesses, announcing that funding would no longer be provided to oil majors unless they demonstrated a commitment to aligning with the Paris climate agreement. Secondly, the COVID-19 pandemic presented a major challenge, and NatWest played a crucial role in supporting the government’s economic recovery plans.
NatWest provided significant financial support to smaller businesses through loan schemes during the pandemic, resulting in a substantial loss for the first half of 2020. In response, the bank set aside a significant sum to cover potential loan defaults. NatWest later decided to exit the Irish market by selling Ulster Bank to PTSB and faced a substantial fine for violating anti-money laundering laws.
In recognition of her contributions to the financial services industry, Dame Alison was honored in the 2022 New Year Honours list.
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