Thomas Coutts

Who was Thomas Coutts?

Thomas Coutts was an Anglo-Scottish banker who was the founder of the banking house of Coutts & Co.

He was the fourth son of 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. 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 James and Thomas Coutts, sons of John Coutts. From 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.