Thomas Coutts


Thomas Coutts was a Scottish banker who was the founder of the banking house of Coutts & Co.

Early life

He was the fourth son of Jean Coutts and John Coutts, who carried on business in Edinburgh as a corn factor and negotiator of bills of exchange, and who in 1742 was elected lord provost of the city. The family was originally of Montrose, but about 1696 one of its members had settled at Edinburgh, where in due course Thomas received his education at the Royal High School.756856

Career

Soon after the death of John Coutts the business was divided into two branches, one carried on in Edinburgh, the other in London. The banking business in London was in the hands of Thomas and his brother James, an MP. Following the death of his brother in 1778, Thomas, as surviving partner, became sole head of the firm; and under his direction the banking house rose to the highest distinction. His ambition was to establish his character as a man of business and to make a fortune; and he lived to succeed in this aim and long to enjoy his reputation and wealth. A gentleman in manners, hospitable and benevolent, he counted amongst his friends some of the literary men and the best actors of his day. Of the enormous wealth which came into his hands he made munificent use.

Personal life

Soon after his settlement in London he married Elizabeth Starkey, a young woman of humble origin, who was in attendance on the daughter of his brother James. They lived happily together, and had three daughters:
His wife died in 1815. Soon after her husband married the popular actress, Harriet Mellon. He died in London on 24 February 1822, leaving his entire fortune to his widow. In 1827, his widow married the William Beauclerk, 9th Duke of St Albans, who was 23 years her junior. She died ten years later, bequeathing her property to Angela, youngest daughter of Sir Francis Burdett, who then assumed the additional name and arms of Coutts. In 1871, Angela was created Baroness Burdett-Coutts.

Legacy

A 19th century merchant ship, the , bore his name.