The Rise And Fall of London's Investment Banks

The Death of Gentlemanly Capitalism

Philip Augar, a former banker with a doctorate in history, is the author of several previous books including the celebrated The Death of Gentlemanly Capitalism (Allen Lane, 2000). He has held numerous public and private sector directorships, and is currently chair of the UK government's review of higher education. He contributes regularly to the Financial Times and the BBC.

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.

How the Investment Banks Played the Free Market Game

The Greed Merchants

Philip Augar worked in investment banking for over twenty years and he now writes, broadcasts and lectures on financial services and related issues. He is the author of two books, The Death of Gentlemanly Capitalism and (with Joy Palmer) The Rise of the Player Manager, both of which are available in Penguin. He has a doctorate in History and is a Visiting Fellow of Cranfield School of Management.

Early in the new millennium the investment banks were on their knees. Beaten by the boom and bust of the dot.com bubble, mixed up in corporate scandals and accused of uncontrolled and rampant conflict of interest, the game seemed over for the masters of the universe. Then the bounce back came. New rules, promises to be more vigilant and rising markets took the heat off. Having learned their lesson and paid their dues, the investment banks could be relied upon to oil the wheels of capitalism in this best of all possible worlds. 
 
Philip Augar's cutting critique challenges this consensus. By being able to act simultaneously for buyers, sellers and themselves, they can generate huge returns at their customers' expense. This book explains how this systematic and legal transfer of wealth occurs and answers some important questions. Do the investment banks add value through their advice? Is there a cartel? Are there any alternatives? What will happen next?

Philip Augar

The Bank That Lived a Little

Select a format:

Retailers:

More books from this author