Banking & finance

Durlacher, Nicholas (10 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 10 (tape 5 side B): More about Warburg's problems re potential merger with Morgan Stanley - elements of bluff - Barings a good example as really a small bank but perceived otherwise by most people due to reputation, tradition, resting on past laurels etc - amount of capital a bank has is crucial to what it can and cannot do. About Saloman's current difficulties. How changes in architecture of City buildings has affected working relationships - i.e. much less physical contact - no messengers now, no dealing on floor of Stock Exchange, no social cohesiveness - thinks fifty years ago Barings would have been saved. Nowadays very little loyalty to firm - high staff turnover generally - says why he thinks this is and how it could be countered His feelings about failure of Bank of England to bail out Barings. About changed position of British banks in City - small British banks now very much a minority - danger from Euro legislation to City of London's position as international centre - effect of electronic communications. Talks about different time zones vis-a-vis regional stock exchanges - hypothetical twenty-four hour trading - comparative advantages of London's housing, restaurants, theatres etc though not, he admits, over Paris and Rome. Gives examples of corporate entertainment in Paris - also talks about his journey to work and about public transport. Reverts to more details of training in settlement departments as a jobber - ended in statistical & research department - details duties - unique department for jobbers, explains why and questions its value. Average number of staff in each department eight to twelve - class differences.

  • 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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