Angela Burdett-Coutts
Upon receipt of her inheritance Angela Burdett-Coutts became the wealthiest woman in Britain. She devoted her life to philanthropy, giving away more than £3 million. Her charity ranged widely: she supported the Anglican Church and the arts, but the main thrust of her charity was directed toward improving the lives of the poor. A sewing school in Spitalfields, cotton gins in Nigeria, boats and nets for the Irish fishing industry and ragged schools in the poorest sections of cities were but a few of her projects. Gladstone the Prime Minister and Queen Victoria resolved to acknowledge her philanthropic spirit formally.
Thus in 1871 she was granted a peerage in her own right: Baroness Burdett-Coutts of Highgate and Brookfield in the County of Middlesex. In 1880 it became known that the Baroness wished to marry her young American secretary William Ashmead-Bartlett, who was her junior by forty years. The partners of the bank were aghast at the prospect of such a marriage, as were many dignitaries. They saw Bartlett as an adventurer, only interested in her money. The Archbishop of Canterbury attempted to dissuade such a marriage from occurring. Even Queen Victoria, with whom the Baroness had often dined, intervened to try to prevent what she called the "mad marriage". In a letter the Queen wrote to Lord Harrowby she stated that it would grieve her much "if Lady Burdett-Coutts were to sacrifice her high reputation and her happiness by such an unsuitable marriage". This letter was passed on to Angela who asked Lord Harrowby to reply that he had no knowledge of the subject alluded to—quite a snub to the Queen. One potential stumbling block to the marriage was her step-grandmother's (Harriot's) will which forbade marriage to an alien, and as Bartlett was an American the marriage would cause her to be disinherited. Clara, her sister would have been next in line and would have succeeded in her place. Clara was persuaded by Angela to waive her right. However, Clara's son Francis (known as Frank), was not so easily persuaded, and consulted his lawyers thinking he might dissuade the marriage by insisting on their rights. Finally Bartlett himself, in the face of immense pressure from society, offered to release the Baroness from his offer of Marriage. However, the Baroness remained determined and refused to release Bartlett from his promise, in spite of various scandalous accusations being made against him involving another woman, and even the fathering of an illegitimate baby.
In February 1881, at the age of 67, the Baroness broke the terms of the will by marrying the foreigner in Christ Church, Down Street, Piccadilly. The partners of the bank rushed to re-assure the press that Angela was neither a partner in the bank, nor could she touch the capital. An argument sprang up over the inheritance and in particular over whether the Baroness should give up the bank in favour of her sister Clara. The Baroness fought back claiming that Bartlett was only half American and therefore not technically an "alien". Angela's sister, Clara, claimed the fortune, and the bitter dispute continued. In anticipation of victory, Clara and her son Frank took the name "Coutts" – as required by the will. Finally a compromise was struck and the majority of the Coutts fortune passed to Clara and her heirs. However Angela kept two fifths of the income until her death in 1906.
Clara Burdett, who had married James Money in 1850 became Clara Burdett Money-Coutts. Her son Francis' full name became Francis Burdett Thomas Nevill Money-Coutts. He was better known as Francis (or Frank) Coutts, a writer and poet. He became 5th Baron Latymer in 1913 and died in 1923.
The following appeared in Punch at the time:-
- Money takes the name of Coutts,
- Superfluous and fimny*,
- For everyone considers Coutts,
- Synonymous with Money.
* "fimny" is assumed to be a mis-type of "funny".
The Panic of 1890 forced the bank to change from a Limited company to a Partnership. At that time, limited liability was seen as risky by depositors. As a partnership, the Coutts family would have been personally liable to any depositor for his bank deposit in a crisis. Fortunately, there was no crisis.
In 1904, the bank moved to its current premises at 440 Strand. In 1914 Coutts took over the bank of Roberts, Lubbock & Co, obtaining a branch office and a clearing house seat in the process.
In 1919, Coutts merged with the National Provincial & Union Bank of England whilst retaining the name "Coutts". In 1961 the first branch outside London was opened in Eton, Berkshire, followed by a branch in Bristol in 1976. In 1969 Coutts became part of the National Westminster Bank.
Further London branches were opened at West End (1921), Cavendish Square (1927), Sloane Street (1929), Mayfair (1932), London Wall (1962), Brompton Road (1975) and Kensington (1978).
Between 1973 and 1978 Coutts Strand headquarters were redeveloped by Frederick Gibberd and Partners. Francis Burdett Coutts's great grandson, Sir David Burdett Money-Coutts, became chairman in 1976, retiring in 1993, leaving his cousin Crispin Money-Coutts (heir to the title Baron Latymer), as the last remaining Coutts name until 1999 when Crispin resigned.
In 2000, National Westminster Bank was purchased by the Royal Bank of Scotland (RBS) in one of the largest corporate transactions in the European banking sector. Today Coutts is the wealth division of RBS and still has its headquarters at 440 Strand, London, with branches throughout the UK and the rest of the world.
The Coutts family descendants fanned out to the British colonies during colonial times. One of them, Herbert William Coutts, migrated to Brazil, South America on business. His descendants live in Brazil, South America (de Salusse Lussac/Lussac Do Coutto/Do Coutto Monni) and in Ontario, Canada. The roots of the Coutts family can be retraced to the Highland Scottish clan Farquharson of Invercauld.
Read more about this topic: Coutts