Banking & finance

Durlacher, Nicholas (9 of 18) National Life Stories: City Lives

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  • Subjects

    Jobbing; Futures exchange

  • Recording date

    1995-03-01, 1995-04-01, 1995-23-11

  • Is part of (Collection)

    City Lives

  • Recording locations

    interviewee's office, London

  • Interviewees

    Durlacher, Nicholas, 1946-, (speaker, male)

  • Interviewers

    Courtney, Cathy, 1954- (speaker, female)

  • Abstract

    Part 9 (tape 5 side A): Talks here about worsening situation in Ireland - terrorism on mainland - also tightening of security vis-a-vis takeovers - firms more conscious of the need. Remembers use of sealing wax to keep mail private - envelopes sealed by trusted postroom clerk - thinks perhaps more secure system than present day electronic technology. Explains advantages of fax machine in buying and selling shares - ultimately machines cheaper than people. Role of technology in fall of Barings - swiftness of communication pushed Leeson into difficulties and pointed to failure of Barings' management to monitor and understand his activities - need for supervision by Chairman and Senior Management of all areas of firm's activities - possiblity of conspiracy - book by Edward Erdman on this subject - ND's reaction to fall of Barings - says he cannot believe that one rogue trader could have achieved what he did without some help. Talks about so-called star traders who can hold a business to ransom. Structural change in hierarchy of City businesses where greater responsibility now given to much younger people - different moral code nowadays - social changes - breakdown of family. Upheaval of Big Bang and its consequences - lack of understanding generally by banks of their Securities' business. More about his reaction to fall of Barings and effect of takeover by Dutch firm ING - about Warburg's current problems.

  • Description

    Interview with Nicholas Durlacher CBE, member of the Stock Exchange (1970–86), Partner at Wedd Durlacher (1972-86) and Chairman of Elexon Ltd (2000–10).

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