Sector: Financial services; Banking

Services:

• Purpose: Role of business in society; narrative.

• Strategic communications: Senior counsel; Corporate affairs

One of the UK’s largest retail and commercial banking groups had received taxpayer support following the financial crisis and the contentious takeover of another large UK bank. The objective was to restore the reputation of the organisation in the eyes of the public, media and political stakeholders. To that end, the group decided to refocus all of its capital on the UK, aligning its interests with that of UK taxpayers and customers underpinned by a clear and distinct purpose

The success of this strategy was driven by the exit from multiple countries, downsizing its balance sheet and a number of public-stated commitments to support the UK economy, improve diversity and inclusion, and increase employee sentiment. Management were held to account over the targets including through its remuneration.

The outcome was the full repayment to UK taxpayers at a profit and an improved reputation above its peers.