Coutts replaces CEO with JP Morgan exec
Royal Bank of Scotland has named JP Morgan’s Peter Flavel its new chief executive of private banking, a role that will see him take the reins of Coutts & Co and Adam & Co.
Flavel replaces Coutts’s current chief executive Michael Morley, who will remain with the organisation until May 2016, “to ensure a smooth transition of the business”, the bank said in a statement.
Flavel will give up his Singapore-based role as JP Morgan’s chief executive of private wealth management in Asia to join the UK bank’s private banking business. He will be based in London.
Before joining JP Morgan, Flavel headed up Standard Chartered’s Private Banking business.
Alison Rose, chief executive of commercial & private banking at RBS, indicated that Morley’s departure was voluntary, saying he “feels it is the right time to hand over the reins as the business takes a new direction and re-focuses on growth”.
She added that as RBS approached the completion of a deal to sell its Swiss and Asia businesses to UBP, it was reaching “an important milestone”, even as the bank simultaneously is “investing in our business in the UK, and [in] our strong Coutts and Adam brands”, with the goal of remaining the first choice of private banking clients.
In the statement, Coutts chairman Lord Waldegrave of North Hill thanked Morley for his work at Coutts.