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Clearing Banks: Business

In: All-Change in the City

Author

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  • Margaret Reid

Abstract

The big household-name high street clearing banks — Barclays, National Westminster and others — have undergone a revolution every bit as radical as the stock market’s. It is not only their altered structures, such as through their international expansion and investment in stockbroking, that makes this so. The span and composition of their whole business has also changed in the latest phase of their thirty-year evolution from aloof élitist servants of a smallish minority to financial conglomerates fighting toughly for the custom of the majority. Even philosophies have grown different and old conventions been dropped in today’s more competitive atmosphere. ‘When I joined the bank, I was taught it was bad form to tout for business’, recalls a sixty-year-old top person. That seems incredible now.’ Today banks see nothing amiss in wooing customers away from their rivals’ books.

Suggested Citation

  • Margaret Reid, 1988. "Clearing Banks: Business," Palgrave Macmillan Books, in: All-Change in the City, chapter 6, pages 123-147, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-07005-3_6
    DOI: 10.1007/978-1-349-07005-3_6
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