Banking & finance
Schroder, Bruno (10 of 13) National Life Stories: City Lives
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1992 to 1994
Is part of (Collection)
Interviewee's office, London
Schroder, Bruno, 1933-, (speaker, male)
Courtney, Cathy, 1954- (speaker, female)
Part 10 (tape 6 side A): Advantage to Schroders of merger with Helbert Wagg. Details of way merger worked in practice. Michael Verey made certain Jim Wolfensohn would not succeed him, nominated David Airlie, now Lord Airlie, Lord Chamberlain of the Household. David Airlie not up to standard of Wolfensohn although is a marvellous person. Wolfensohn an internationalist and visionary, marvellous with clients. BS and sister opposed David Airlie nomination, 50/50 division, Wolfensohn decided to leave. Michael Verey little regard for Schroder family as had come from Helbert Wagg stable, whereas Gordon Richardson had been appointed by BS's father. Jim Wolfensohn joined Salomons, eventually formed own boutique and made fortune, is now back in London with Jacob Rothschild. Oliver Franks in middle of row over Schroder succession. During David Airlie's chairmanship Schroders slipped and not until Win Bischoff came back that Corporate Finance built up again. Lord Franks was a non-executive director of Schroders, became informal chairman, details of Oliver Franks and decision he made. BS got on well with John Bailley, Finance Director, asked for him to be Deputy Chairman if David Airlie appointed Chairman. Airlie didn't like this but had to accept it. Further details of struggle and aftermath. BS's anxiety during this period. David Airlie wasn't anti the Schroder family, he eventually appointed Mallinckrodt. BS and Airlie didn't quarrel. John Bailley's role as Deputy Chairman - John Hull would have got post if Bailley hadn't and was anti-Schroder family, was a socialist, details of how he came into City. Bank has gradually become less divided, details of why. (Gobi Mallinckrodt, BS's brother-in-law.) Degree of usefulness of David Airlie's social connection, eg with Royal Family, in gaining customers for Schroders. Win Bischoff's background, educated South Africa, worked for Citibank in London, then joined Schroders, started Hong Kong. Jim Wolfensohn godfather to one of Win Bischoff's sons. Reasons why BS couldn't be chairman - when came back from USA at time father ill had to concentrate on future tax position on father's death; didn't have enough time to concentrate on learning how to work in various departments of bank - details. Slid sideways. Believes would have been different if father hadn't been ill, would have been like Hanson's son, just put on board of Hansons after working in Rothschilds first. BS never had chance of working elsewhere. BS felt had to watch his back all the time in bank. Disagreement with Michael Verey and David Airlie about Gobi Mallinckrodt's title as executive member of board. BS watching family position whole time rather than dealing with bank's clients. Difference Gobi Mallinckrodt being related by marriage to Schroder family has made. Gobi Mallinckrodt married BS's sister in 1958. Anecdote about sister. BS always got on well with sister and brother-in-law. Talk about bank when together at Christmas etc. Philip Mallinckrodt, son of Gobi Mallinckrodt, works at Credit Suisse First Boston. Value of Gobi Mallinckrodt being family member to BS within bank.
Interview with Bruno Schroder, non-executive director of Schroders.