The Business On... Rory Tapner, Banker to the Queen
Wednesday 11 August 2010
She has her own banker?
Strictly speaking not, though one imagines Her Majesty doesn't spend a great deal of time on hold to call centres. No, Mr Tapner is the new chief at the private bank Coutts, which – though it has always been very secretive about its client list – is reputed to have been the Royal Family's bank since at least the days of Queen Victoria.
He's a pukka sort of chap, then?
Naturally. Educated at Radley College, Mr Tapner has enjoyed a long and respectable career at some of the City's most blue-blooded institutions. Until recently, he was chief executive and chairman of UBS's Asian operations. If anything, Coutts is probably something of a come-down.
What do you mean?
Coutts' history is pretty impressive but in recent times it has been a little less exclusive. It was bought by the National Westminster Bank in 1969 and became part of the Royal Bank of Scotland group following its takeover of NatWest in 2000 (the deal that made the career of one Sir Fred Goodwin, by the way).
So we all own it then?
You're right – RBS is still 84 per cent owned by the taxpayer, so in that sense all of us have a stake in Coutts (though its account requirements remain out of reach to the majority). And maybe it is appropriate that the Queen's bank is owned by her subjects.
So what does Mr Tapner plan?
Well, he's been drafted in to give the bank a bit of a shake-up (there had even been rumours RBS might look to sell Coutts), though don't expect him to remove the cash machine supposedly installed in the basement of Buckingham Palace.
Does it need that?
Probably. RBS has never seemed quite sure how to pitch Coutts. Should it be an ultra high-end private bank or a unit within its wealth management division? Mr Tapner will also have to deal with a regulatory investigation into the bank. Some of its clients have complained about the AIG savings bonds Coutts sold them.
- 1 Is Apple's iCloud safe after leak of Jennifer Lawrence and other celebrities' nude photos?
- 2 Joan Rivers: 'Palestinians deserve to be dead'
- 3 Perez Hilton apologises for Jennifer Lawrence naked photo leak
- 4 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
- 5 Mexican woman becomes world’s 'oldest person' at 127
iPhone 6 'hidden code' could indicate sharper screens or bigger phones
Perez Hilton apologises for Jennifer Lawrence naked photo leak
Ariana Grande nude photo leak: 'These are completely fake'
A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
London 'terror threat': Metropolitan police deny tube attack hoax
Rotherham child sex abuse scandal: Labour Home Office to be probed over what Tony Blair's government knew - and when
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Do you realise just how foolish the UK looks?
With Douglas Carswell joining Ukip, my party has taken another giant step forward
£32000 - £40000 per annum + bonus: Ashdown Group: HR Manager (Generalist) -Old...
£45000 - £50000 per annum: Ashdown Group: Talent / Learning & Development Mana...
Up to £40,000: Ashdown Group: Standalone HR Manager role for an SME business b...
£350 - £400 per day: Orgtel: HR Analyst - Banking - Bristol - £350 - £400 per ...