Vice Chancellor,

 

Forty years ago today, Sir Peter would have been studying across the road in Berkeley Square in the second year of a BSc in Economics and Accounting. Since graduating in 1982, he has gone on to have an extraordinarily successful career in accounting, banking and finance, and has served as an ambassador for the City of London and UK business and finance more generally. He has also been extremely generous by helping others, through his voluntary work, his promotion of education and employment opportunities and his efforts to support social inclusion.

 

Sir Peter was born in Portsmouth into a naval family. Due to his mother’s illness and his father being at sea, he was sent to boarding school at a young age. He became Head Boy at King Edward’s School, Witley, where he met Sir Kenneth Cork, then Lord Mayor of London. This encounter inspired in Sir Peter a keen interest in accounting. His time at school also instilled in him a profound appreciation of the broad social value of education.

 

After graduating from the University of Bristol in 1982, Sir Peter qualified as a chartered accountant in 1985, going on to become a partner in Coopers and Lybrand (now PwC) aged only 31. Remarkably, he then went on to occupy senior financial positions at major international financial institutions: Salomon Brothers, Citigroup and Barclays. It is entirely fitting, therefore, that he should have been Knighted in the 2020 New Year’s Honours for services to international business, inclusion and skills.

 

After the financial crisis of 2008-2009, and recent corporate collapses, a public orator would normally require quite a few rhetorical devices in the award of an honorary degree to a member of the banking, finance and accounting communities. Not so for Sir Peter.

 

First, while acknowledging the room for improvement in certain areas of auditing and banking, let us not take for granted the importance of financial institutions to our economy and to society. The financial sector in the UK is responsible for over 1 million UK jobs and contributes around £130 billion to the UK economy each year. Banks play a crucial role as financial intermediaries, and ultimately, they help families secure a roof over their heads and ensure companies obtain the funding necessary for their operating and investing activities.

 

Second, Sir Peter has not only held the most senior leadership positions at several international financial institutions, he has done so during the most remarkably challenging times. For instance, he led the rebuilding of complex banking systems after Citibank’s offices were destroyed in the World Trade Center attacks in September 2001; he took the helm as CFO at Barclays amidst a £5.8 billion share issue, when the previous CFO stood down unexpectedly and capital was needed to comply with new bank leverage requirements; and he has been responsible for promoting the City of London and the UK financial sector after the vote to leave the European Union. He is clearly someone to turn to in a crisis.

 

After being elected Alderman of the City of London in 2013 and Sheriff of the City of London in 2016, Sir Peter became the 691st Lord Mayor of the City of London in 2018. In this capacity, he travelled the globe, promoting investment in British business, innovation and skills. It was estimated that, in his role as Lord Mayor, he met a Head of State every month.

 

Sir Peter is a keen and active proponent of digital innovation – something that may be traceable back to his A level studies in design and technology. Combining his interests in technology and education, he is chair of future.now, a coalition of organisations boosting digital skills across the UK. The focus of his tenure as Lord Mayor - “Shaping Tomorrow’s City Today” – involved him in promoting digital and technological advances, championing the acquisition of digital skills amongst the workforce and improving digital and social inclusion.

 

Importantly, throughout his career, Sir Peter has demonstrated a strong sense of social responsibility towards those who are less fortunate. He is a very firm believer in equality of opportunity and he has generously provided his time and expertise to such worthy causes as the London Fairness Commission, Bridewell Royal Hospital and OnSide Youth Zones.

 

We are especially pleased that he has maintained his links with the University. Last year, while serving as the Lord Mayor of the City of London, he kindly hosted the inaugural Bristol Alumni Awards Gala Dinner at Mansion House (the Lord Mayor’s residence); he also served on the University Ethics Committee between 2015 and 2017, and he has generously supported a number of widening participation programmes

 

The University of Bristol is proud to have you as a graduate, Sir Peter, and to celebrate your achievements and generosity with an honorary degree today.

 

Vice-Chancellor, I present to you Sir Peter Kenneth Estlin as eminently worthy of the degree of Doctor of Laws honoris causa.