NatWest withdraws from US primary dealer list amid market pullback

NatWest: NatWest Group Plc is a major UK financial services provider offering retail, commercial, and capital markets banking services across its NatWest and Royal Bank of Scotland brands. The bank recently withdrew its markets securities business from the Federal Reserve Bank of New York’s primary dealer list, effective October 2026, as part of a broader pullback from US and European government bond markets. It will continue operating as a primary dealer in the UK gilt market while refocusing its markets unit on financing, advisory, and hedging activities. Restructuring: NatWest Markets is simplifying its commercial and institutional business structure, with operations from early 2027 split across fixed income, markets financing, currencies, and debt capital markets. UK Banking Environment: UK banks including NatWest are preparing for potential fiscal measures in the upcoming government budget that could affect the sector.