The head of Coutts in the UK is set to leave the bank amid a wide-ranging shake-up of the blue blooded private bank.
Michael Morley, who has run Coutts since 2009, is likely to depart in the next few months, sources said, against a febrile backdrop at the bank where people are questioning its future inside Royal Bank of Scotland.
Much of the instability stems from RBS’s long-running sale of Coutts’ international division, a deal that is expected in the next few days. Switzerland-based Union Bancaire Privee is expected to be the buyer of the business in a deal worth about $600 million.
The auction has taken longer than expected partly because of market jitters about private banks in the light of the scandal surrounding