The rise and fall of the merchant bank
Author(s)
Bibliographic Information
The rise and fall of the merchant bank
Kogan Page, 1999
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Note
Published in association with Reuters
Bibliography: p. 542-551
Includes index
Description and Table of Contents
Description
An analysis of the demise of merchant banking, this text considers the impact of globalization on the historical banking institutions; the pace of innovation and why the securities sector was found wanting; the transformation of domestic industry into financial supermarkets; and why the UK clearing banks failed in their attempts to become international players.
Table of Contents
- Part 1 Past to pinnacle 1700-1914: merchants become bankers
- perfecting and innovating
- British houses perfect banking techniques and become critical intermediaries in financing international trade/industry
- managing risk. Part 2 1914 - present: focus of international finance from London to New York - from sterling to the dollar, growing deregulation, further innovation, eurodeposits, the eurobond market, MBOs and LBOs
- the first significant wave of consolidations and acquisitions as a result of plans for Big Bang
- client and shareholder pressure
- foreign focus on earnings per share/ROE
- second wave of M&A stripping UK merchant banks of the independence
- absorption into huge foreign financial conglomerates
- the end of two centuries of banking supremacy.
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