The Queen’s banker Coutts & Co is to appoint its first dedicated PR
director in a bid to raise its international profile.
Coutts & Co Group - a subsidiary of NatWest - has appointed headhunters
GKR Consultants to lead the search for a director of corporate
Coutts is discouraging unsolicited applications for the post, which is
believed to attract an annual package of pounds 100,000 or more,
according to industry sources.
The lucrative salary package, unconfirmed by the bank, would only just
qualify the successful candidate to bank with his or her employers.
Coutts & Co typically requires account holders to have an income of
pounds 100,000 a year or hold assets of pounds 150,000.
Simon Lewis, director of corporate affairs for the NatWest Group, said
the new role reflected reorganisation of the bank and a more aggressive
marketing drive to improve its profile in both UK and overseas markets.
‘PR has tended to be a role performed by people from within the bank,
which has now decided to see what’s available outside,’ he said.
The bank’s decision to appoint a PR specialist follows a period during
which Coutts, has hit the headlines for the wrong reasons.
Last September it was reported that Coutts had repaid client rock star
Sting pounds 4.8 million. The money had been wrongly transferred to his
financial adviser Keith Moore, who was subsequently jailed for six years
Then came the revelation that the bank had allowed the Duchess of York
to run up a pounds 1 million overdraft.
At the same time, the bank has been grappling with the blow to staff
morale caused by an announcement last November that up to 300 jobs could
go among the 1,600-strong staff, as part of a cost cutting drive by
chief executive Herschel Post.