At first sight it may seem irrelevant to report and analyse the content of Coutts & Co’s latest annual report and accounts which have just been deposited at Companies House.

After all, Royal Bank of Scotland (RBS), its parent, already published private banking data not just for 2019 but for the first quarter of 2020 as well.

Nonetheless, the effort is worth it, not least because Coutts’ report and accounts contains much more detail about its activities during 2019. Furthermore, it is specific to Coutts and excludes any contributions made by Adam & Co, the other component of RBS’ private banking interests.<...