LONDON (Reuters) -NatWest confirmed Paul Thwaite as its permanent chief executive on Friday and reported forecast-beating profit for 2023, as the British bank gears up for a crunch sale of state-owned stock after a scandal-hit year. The bank also revised down its guidance for future returns in a sign of the potential challenges facing Thwaite, citing an expected reduction in interest rates and changes in customer behaviour as well as the worse economic outlook for the UK. NatWest shares climbed 2% after an initial fall, outpacing a 0.7% gain in the benchmark FTSE 100 index, as investors took the lower performance guidance in their stride.
What is alpha decay in finance, and are past returns indicative of future returns after all? Answer by Julien Penasse, Assoc Prof of Finance at University of Luxembourg
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