London, April 8, 2026, 14:08 BST
NatWest Group Plc has brought in Nick Rodolakis from Jefferies to lead its funds and sponsor coverage, naming him to a top slot within the corporate and institutional bank as of April 13. Rodolakis will report directly to Isabelle Girolami, who oversees the division.
For the British lender, the timing of the hire couldn’t be better. With interest rates coming down, banks are scrambling to boost fee-driven revenue as net interest income—essentially the gap between lending returns and deposit costs—shows signs of softening. NatWest hasn’t stood still; it’s bumped up its targets and inked a £2.7 billion deal to buy wealth manager Evelyn Partners, marking its most significant acquisition since the financial crisis.
Hard to overlook the corporate side now. NatWest reported that its Commercial & Institutional division pulled in 54% of total group income and accounted for 58% of operating profit in 2024—serving roughly 1.5 million clients, spanning startups, big corporates, and financial institutions.
Rodolakis last served as managing director and European co-head of leveraged finance at Jefferies. In the world of banking, leveraged finance covers debt used in buyouts and other highly leveraged transactions, while sponsor coverage refers to catering to private equity clients and their portfolio firms.
“Nick brings extensive leadership experience across investment banking and will play a key role in delivering our strategic plans for this important customer segment,” Girolami said. NatWest noted he previously held senior posts at Morgan Stanley and Credit Suisse, ahead of his time at Jefferies. NatWest Group
NatWest isn’t building this business from the ground up. The bank bills its leveraged and acquisition finance arm as a London hub for sponsor-backed deals, focused on leveraged loans, high-yield bonds, underwriting, and acquisition finance. That covers sterling, euro, and dollar markets.
NatWest has been steering its strategy toward businesses with more reliable fee streams. Back in March, Chief Executive Paul Thwaite pointed to the Evelyn deal, saying it should boost group fee income by 20% and push NatWest toward his vision of a “higher growth, higher returning” bank. That came after NatWest posted a 24% jump in pretax profit for 2025, hitting 7.7 billion pounds, and rolled out a new target: return on tangible equity above 18% by 2028. NatWest Group Investors
Some dealmakers are sounding more positive. “After the recent megadeals, we expect optimism with economic growth, interest rates and valuations to broaden the wave of M&A activity,” Jason Wallace, Citizens’ head of M&A, told Reuters in January. UK rival Barclays echoed that view, noting banks are searching for more fee income as rates come down. Reuters
The payoff, though, is far from certain. Last week, Reuters highlighted fresh signs of stress in private credit, the rapidly expanding bank alternative used by sponsor-backed firms. Some funds have started capping withdrawals; major banks are getting more cautious with lending. It’s a clear signal: patchy deal flow or any new market disruption might stall how quickly these new coverage hires can generate revenue.
As of May 2025, NatWest has fully left state hands, closing out 17 years under government control since the 2008 bailout. The Rodolakis hire won’t move the needle like the Evelyn acquisition did, but it’s still part of the same strategy—NatWest leaning on its wider wealth and corporate arms to expand outside plain-vanilla lending.
