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Full Description
A revolution took place in the City in the 80s and 90s. The cosy club of British merchant banking collapsed in a series of sell-outs, closures and scandals. This left the City dominated by US and European giants. Was this the inevitable result ofglobalization or did mismanagement play a part? This is the first book to look at how and why the British merchant banks and brokers sold out, and where that leaves us. Augar tells this fascinating story with pace and drama, taking us through the Thatcher years, the crash of 1987, Big Bang, and the aggressive invasion of the American banks. He looks at why the British banks failed to keep pace with the Americans, what this says about the way they were run, and what this means for the future.
Contents
Part 1 The twilight world of gentlemanly capitalismbuy side, sell side; simple but not easy; shoes with laces - trousers with braces. Part 2 Riding elephants, 1983-86: laissez-faire; eager buyers - European commercial banks; buyers, builders and stay-at-homes - the merchant banks; the Americans; the brokers and jobbers; "trying to stuff the whole lot into one big bag"; seeds of disaster. Part 3 Bang, crash, wallop, 1986-89: market overview; European commercial banks; merchant banks; the independents; the foreign banks. Part 4 The grand old Duke of York, 1990-94: European commercial banks; merchant banks; the independents; the foreign banks. Part 5 The end game? 1995-2000: Barings; Warburg - the final year; Kleinwort and Smith; shareholders rule OK; Schroders (and Flemings); the survivors. Part 6 The city unplugged: what happened?; does it really matter?; herding cats.
