It is with great sadness that thewealthnet has belatedly heard of the death of Herschel Post MBE, a former chief executive and deputy chairman of Coutts & Co from 1995 to 2000.
A graduate of Yale, Harvard and Oxford Universities, who had also occupied senior positions at Lehman Brothers before joining Coutts, Mr Post oversaw a number of changes at the bank.
These helped transform it from what was, still primarily a commercial banking subsidiary of the then National Westminster Bank, albeit with a very well-heeled client base, into the quintessential private bank that we know today.
In essence the changes, which were outlined by Mr Post to all Coutts staff at a special meeting held in London’s Royal Festival Hall on 27 November 1995, involved a thorough restructuring of the way in which the bank conducted business with its customers.
Going forward much greater emphasis would be placed on the client relationship rather than on the bank basic account.
Coutts intended to both deepen and broaden the nature of the relationship with clients and this opened the door to new products and services, especially on the investment management side. It also introduced a more specialist and segmented approach to dealing with clients.
More importantly it also ushered in a period of expansion for the bank, both within the UK, where it opened a number of new offices, as well as internationally.
Mr Post played a pivotal role in implementing these changes as well as inspiring staff to greater efforts.
A number of junior Coutts staff who have gone on to achieve much greater prominence within the private banking and wealth management market have spoken effusively of just how much inspiration Mr Post provided and the impact this had on their subsequent careers.
“He really was one of the best”, said a former Coutts member of staff who now assumes a senior position at a rival institution.
A keen walker Mr Post died peacefully on 25 August 2018 aged 78.