Philip Wilkinson (banker)
Sir Philip Wilkinson | |
|---|---|
| Born | Template:Birth date Leyton, United Kingdom |
| Died | August 23, 2007 (aged 80) |
| Occupation | Banking executive |
| Years active | 1943–1990 |
| Known for | CEO of NatWest during the 1980s |
Sir Philip William Wilkinson (8 May 1927 – 23 August 2007) was a prominent British banking executive who devoted his professional life to NatWest, ultimately ascending to the role of CEO during the bank's most prosperous period in the 1980s.
Early life
Wilkinson was born in Leyton, United Kingdom, and received his education at Leyton Sixth Form College. His father was employed by the Metropolitan Water Board.
Career
At the age of 16, Wilkinson started his banking career in 1943 as a clerk at Westminster Bank. Following his service in the Royal Navy throughout World War II, he returned to Westminster Bank in 1948 and progressed through various clerical positions. By 1963, he had become secretary to the chief general manager. Between 1966 and 1968, he managed the High Wycombe branch during the merger of Westminster Bank with National Provincial, which resulted in the creation of NatWest. Subsequently, he spent three years on secondment to Orion Bank, a consortium led by NatWest.
In 1975, Wilkinson was appointed managing director of Lombard North Central, NatWest’s leasing division. By 1978, he had responsibility for all NatWest subsidiaries. He advanced to deputy chief executive in 1980 and was promoted to chief executive in 1983. Under his stewardship, NatWest became the first British bank to report annual profits surpassing £1 billion in 1986. In 1987, he assumed the role of deputy chairman and took charge of investment banking activities, including oversight of County NatWest.
Later that year, County NatWest played a leading role in managing and underwriting the public flotation of Blue Arrow, an employment agency. The share offer failed amid controversy when only 38% of shares were subscribed; County NatWest and brokers Philips & Drew concealed an additional 13% on their own books, which led to substantial losses following a market downturn.
Wilkinson produced an internal report regarding this event that was subsequently criticized by both the Department of Trade and Industry and the Bank of England for minimizing its seriousness. While he was never accused of misconduct, increasing demands for responsibility resulted in his resignation as chairman of NatWest Investment Bank in 1989.
Latter life
In August 1989, Wilkinson experienced a heart attack but continued to serve as group deputy chairman of NatWest until 1990. Additionally, he held directorships at British Aerospace and National Power, acted as vice-president of the Imperial Cancer Research Fund, and chaired the Wishbone Trust.
Personal life
Wilkinson married Eileen Malkin in 1951; they remained married until her passing in 1991. They had one son, who rose to become a Royal Navy admiral, along with two daughters. He was knighted in 1988 and was survived by six grandchildren.