Thomas Coutts

Thomas Coutts (7 September 1735 – 24 February 1822) was a British banker known for founding the banking house Coutts & Co.

Early life

Thomas Coutts was born in 1735. He was the fourth son of Jean (née Steuart) Coutts and John Coutts (1699–1751). His father was involved in business in Edinburgh as a corn factor and negotiator of bills of exchange. In 1742, John Coutts was elected lord provost of Edinburgh. The Coutts family originated from Montrose, but around 1696, a family member settled in Edinburgh. Thomas Coutts received his education at the Royal High School in Edinburgh.

Career

Following the death of John Coutts in 1751, the family business was divided into two branches—one in Edinburgh and the other in London. Thomas Coutts, along with his brother James, managed the London branch. James was also a Member of Parliament (MP). After James's death in 1778, Thomas Coutts became the sole partner and principal of the London banking firm. Under his leadership, the bank rose to prominence and high distinction.

Coutts aimed to build a reputation as a competent businessman and to accumulate wealth. His approach included establishing a professional character and expanding the bank's influence. Throughout his career, he was known for his manners, hospitality, and benevolence. He maintained friendships with literary figures and actors of his era. Coutts also used his wealth for charitable purposes.

Personal life

In May 1763, Thomas Coutts married Susannah Starkey. Reports vary regarding her first name, indicating she was known as Elizabeth, Betty, or Susan. She was reportedly from a humble background and was serving in attendance on the daughter of Thomas's brother James. The marriage was apparently a happy one, and they had three daughters:

- Susan Coutts (c. 1765–1837), who married George Augustus North, 3rd Earl of Guilford, in 1796.

- Frances Coutts (1773–1832), married John Crichton-Stuart, 1st Marquess of Bute, in 1800.

- Sophia Coutts (1775–1844), married Sir Francis Burdett, 5th Baronet, in 1793.

Susannah Coutts died on 4 January 1815. Shortly thereafter, on 18 January 1815, Thomas Coutts remarried Harriet Mellon, a popular actress. At that time, Coutts was 79 years old, and Mellon was 37.

Thomas Coutts died in London on 24 February 1822. He left his entire fortune to his second wife. After his death, Harriet Mellon remarried William Beauclerk, 9th Duke of St Albans, in 1827. She died ten years later and left her property, including Coutts's estate, to her step-granddaughter Angela, the youngest daughter of Sir Francis Burdett. Angela Coutts adopted the additional surname and arms of Coutts. In 1871, Angela was ennobled as Baroness Burdett-Coutts.

Legacy

A merchant ship of the British East India Company, the HCS Thomas Coutts, active from at least 1826 to 1839, was named in honor of Thomas Coutts.