Banking & finance

Remnant, James, (Lord) National Life Stories: City Lives (17 of 26) National Life Stories: City Lives

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  • Recording date

    1993-16-12, 1994-08-02, 1994-02-03, 1994-22-03, 1994-14-04, 1994-24-05, 1994-01-06

  • Is part of (Collection)

    City Lives

  • Recording locations

    National Provident Institution offices, London

  • Interviewees

    Remnant, James, (Lord), 1930-, (speaker, male)

  • Interviewers

    Courtney, Cathy, 1954- (speaker, female)

  • Abstract

    Part 17 (tape 9 side A): Slimming down staff of firms entering umbrella of Investment Trust. Having to fire chief executive who took over from George Haig in early 1980s. Details re George Haig. [Friendships in City, close friends but totally City-based, never see outside, much about friends unknown.] Interviewing process when looking for chief executive - would meet for dinner in Hyde Park, Wiltons or The Berkeley, would spend whole evening with candidate. Need for appropriate wife not an obligation for this job but would be a bonus. Peter Gray running Crown Agents, details. Peter Gray joined Touche Remnant aged approx early 40s, ran firm at time when growing fast. Peter Gray's good qualities. Paul Manduca. Culture of old organisation watered down by expansion in staff numbers. Rebellion as result of loss of respect for Peter Gray. Peter Gray's bad qualities. Mistake of accepting suggestion that Peter Gray would be deputy chairman to safeguard his honour when asked to stand down as managing director. Use of lawyers at this stage. JR had tried to counsel Peter Gray about what was going wrong before explosion. Character of other key staff. Story taken up by newspapers, high profile story, press realised making Peter Gray managing director was a charade, became clear wouldn't work. Peter Gray refused to resign, JR dismissed him. Legal battle and outcome. Use of PR advisers in dealing with publicity re Peter Gray case. JR used Freshfields as his lawyers. Peter Gray hasn't had proper job since. Having to give memorial address for godson who died of cancer aged 20. Advice never to be ashamed of tears. JR's address to Eton boys with son on most important things in life - boy asked if JR had guilty conscience about treatment of Peter Gray - JR knew he had acted correctly. Has subsequently bumped into Peter Gray, who refused invitations to lunch etc. Peter Gray's background. JR blamed head-hunters to a degree over Peter Gray.

  • Description

    Interview with James Wogan Remnant, 3rd Baron Remnant, Director of the Bank of Scotland (1989–1996).

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