The Wall Street Journal reported on 15 March Coutts had established an internal investigation into Keogh’s conduct after women at the bank refused to work with him.
The investigation was launched in 2015, but the bank refused to fire him, despite reports of lewd comments, unwanted touching and heavy drinking.
Instead in April 2017, Coutts issued an announcement that Keogh had been appointed head of key client coverage with responsibility for developing important client relationships. He would continue to lead the sports and entertainment and landowner client groups, they said at the time.
Keogh joined Coutts in 2009 having run the RBS/NatWest private banking division. He was promoted to managing director for London in 2011 with responsibility for the professionals, executives and sports & entertainments clients groups, although it is understood he ceased working with professionals and executives after the investigation.
The WSJ report said Gayle Schumacher had been appointed to lead the investigation in 2015. Schumacher was reportedly “shocked” at the alleged behaviour in Keogh’s team.
In a statement, a Coutts spokesperson said the investigation found “standards had fallen below what we regarded as acceptable”. “Decisive disciplinary action was taken as a result.”
“We are committed to this being a bank where everyone feels safe at work,” the statement said.
Chief executive of RBS’ commercial and private banking Alison Rose described the allegations as “very serious” and said no-one should have to experience that type of inappropriate behaviour in the workplace.
“I have fought hard throughout my career for fairer rights and greater respect and representation for women in banking and I remain committed to ensuring that our business is a good place to work and a safe place to work for everyone.
“Over the last few years I have appointed a new management team at Coutts and we have focused on improving the culture and [levels of] inclusion across the business.
“This matter in question was properly investigated in line with our established policies and procedures and based on the findings of this process, appropriate action was taken at the highest level within Coutts.”
