3 min read

Leadership2050: With wealth comes responsibility

Leadership2050: Andrew White and Peter Flavel

In this episode Andrew talks to Peter Flavel, CEO of iconic private bank Coutts, about reimagining its role in an era of rising inequality.

Peter has more than 35 years’ of experience in international financial services. Before joining Coutts, he was the CEO of JP Morgan Private Wealth Management in Asia Pacific. He also spent nine years with Standard Chartered in Asia founding their global private bank in 2006.

Since joining Coutts in 2016, Peter has led a significant transformation at the bank, with a new focus on modernisation and responsible investments. Under Peter’s leadership Coutts became the first UK private bank to become a B Corp.

That we recognise our history and we nurture our history. But we don't live in our history, and we don't expect success because of our history.

During their conversation Peter tells Andrew about his work so far in modernising one of the oldest banks in the world and ensuring it is relevant and contemporary, so it better reflects society.

As part of the bank’s commitment to ensuring that wealth has its intended consequences Peter talks about how they spend a lot of time with their wealthy clients asking them what wealth means to them and creating a safe environment for them to bring their family in to those discussions. Peter believes that with wealth comes responsibility and adds 'what we say we want to deliver is brilliant banking, flexible lending, and responsible investments'.

Leadership2050 is a podcast exploring the leadership we need to successfully transition to 2050. Who are the innovators setting the agenda for a more equal and sustainable future? In each episode Andrew talks to a visionary leader from the business community who is confronting the challenges humanity faces and finding solutions.

Andrew's research and teaching focuses on how leaders transcend 21st century challenges such as disruptive technology change and the climate crisis. Also, how they create cultures that are diverse, inclusive, resilient and high performing, alongside the ongoing challenge of delivering profitable growth. At Saïd Business School he directs the Oxford Advanced Management and Leadership Programme, and works with leaders from industry and governments across the world. 

If you would like to hear more from Peter about ownership and wealth management you can watch a recent Insights for Action seminar that he took part in hosted by the Skoll Centre. Peter spoke with Dr Bridget Kustin, Senior Research Fellow and Professor Marya Hill-Popper Besharov, who are co-leading the Ownership Project 2.0. They discussed the duality of ownership - how it can sit at the centre of economic injustice, but also how it can offer a potential corrective to it, and the implications this has for professional service providers working in the field of wealth management.