City Bankers, 1890–1914 (Msh)

Though published over 25 years ago, this book is still a seminal work on the late Victorian and Edwardian "City of London" banking community and how it functioned in its financial, investment social and political environment - this tight network of specialized bankers functioning in the greatest financial center of the pre-1914 universe.From 1815 to 1914, Great Britain was the chief banker, lender, shipper and insurer to the entire world and the specialized roles functions and interaction of the Bank of England and the private investment banks, joint stock banks and overseas banks are given an insightfull, detailed and lucid review.The private banking houses,the banks that made the government loans, overseas investments/loans and were {in many instances} trusted advisors to the governments - Rothschild, J.P. Morgan, Baring, Schroders and Hambros are given their due but authors narrative also shows how the joint stock banks - Barclays, London and Westminster, Lloyds, London and Midland etc. became much more powerfull/influencial due to amalagamation and enormous resources gained from deposit banking that was now dwarfing the capital of the private investment banks.The oversea's banks - many partially funded by consortiums of various banking groups were a relatively new phenonmenon that the author shows were essential to fostering/financing overseas trade and were enormously profitable. These overseas banks appear to have the most diffuse social range of top management since being stationed/sent to Iraq, Hong Kong, South Africa or Argentina for 20 + years away from home was not considered a desirable situation if one could work "in the city" !!The family connections, education and training, sporting and social obligations of this banking elite - and make no mistake about it - they were an elite almost on a par with the British Aristocracy are shown to be essential to being admitted as a member of this exculsive club. Mr.Cassis shows that "City Bankers" with their family ties, inter-marriages, education and political connections had turned the top tiers of the banking establishment into a "Caste" that was increasingly difficult anyone but "insiders" to penetrate.Other chapters highlight the resources,investment choices,interconnection between banks, profitablity, financial interests, committments and the various aspects of the banking profession which highlight that despite an increased professionalism for the top ownership/management of banking houses - this was still an elite that guarded the ramparts of it's caste diligently.Books that I suggest would be usefull to be read in conjunction with this one include "The House of Rothschild,{Volume 2} The Worlds Banker" by Nial Ferguson, "The House of Morgan, 1830 -1913" by Vincent Carosso {see my April 2010 review}, "The Sixth Great Power, Baring's, 1762 -1929" by Phillip Ziegler, "The International Gold Standard, Money and Empire 1870-1914" by Marcello de Cecco and espisically "The City of London, Golden Years, 1890-1914" by David Kynaston. Mr. Kynaston's book puts an anecdotal and more intimate face on The City Banking Community during this era whose narrative meshs well with Mr.Cassis more purely economic and historical perspective. The author includes 65 excellent tables of information and an extensive bibliography of 16 pages. This is an outstanding book that is informative and very well researched and I give it a 5 star rating.