The Bank That Lived a Little: Barclays in the Age of the Very Free Market

by Philip Augar

Overview

Based on unparalleled access to those involved, and told with compelling pace and drama, The Bank that Lived a Little describes three decades of boardroom intrigue at one of Britain's biggest financial institutions. In a tale of feuds, grandiose dreams and a struggle for supremacy between rival strategies and their adherents, Philip Augar gives a riveting account of Barclays' journey from an old Quaker bank to a full-throttle capitalist machine. The disagreement between those ambitious for Barclays to join the top table of global banks, and those preferring a smaller domestic role more in keeping with the bank's traditions, cost three chief executives their jobs and continues to divide opinion within Barclays, the City and beyond.

This is an extraordinary corporate thriller, which among much else describes how Barclays came to buy Lehman Brothers for a bargain price in 2008, why it was so keen to avoid taking government funding during the financial crisis, and the price shareholders have paid for a decade of barely controlled ambition. But Augar also shows how Barclays' experiences are a paradigm for Britain's social and economic life over thirty years, which saw the City move from the edge of the economy to its very centre. These decades created unprecedented prosperity for a tiny number, and made the reputations of governments and individuals but then left many of them in tatters.

The leveraged society, the winner-takes-all mentality and our present era of austerity can all be traced to the influence of banks such as Barclays. Augar's book tells this rollercoaster story from the perspective of many of its participants - and also of those affected by the grip they came to have on Britain.

Product Details

ISBN-13:	9780241335987
Publisher:	Penguin UK
Publication date:	07/05/2018
Sold by:	Barnes & Noble
Format:	eBook
Pages:	512
File size:	31 MB
Note:	This product may take a few minutes to download.

About the Author

Philip Augar, a former banker with a doctorate in history, is the author of several previous books including the celebrated The Death of Gentlemanly Capitalism (Allen Lane, 2000). He has held numerous public and private sector directorships, and is currently chair of the UK government's review of higher education. He contributes regularly to the Financial Times and the BBC.

Table of Contents

List of Illustrations ix

Author's Note xi

Part I The Rise and Fall of BZW, 1983-97

1 Lord Camoys' Dream, 1983 3

2 The Golden Ticket: BZW, 1985-95 20

3 The Scholar's Tale, 1986-93 31

4 The Changing of the Guard, 1994 40

5 A Dark Night in Essex, 1995 49

6 The Dumb Money, 1996 57

7 In Memoriam BZW, 1997 68

Part II Groupthink, 1998-2007

8 Diamond's Halo Slips, 1998 81

9 Middleton's Law, 1998 95

10 Matt Barrett's Master Class, 1999 105

11 Diamond or Varley, 2003 127

12 The Big Vision, 2004 134

13 Dutch Courage, 2007 154

Part III Coronation, 2008-11

14 Twilight of the Gods, 2008 177

15 Night Falls, 16 September-13 October 2008 199

16 When Amanda Met Roger, 2008 226

17 Antiques Roadshow, 2009 242

18 Crown of Thorns, 2010 257

Part IV Humiliation, 2011-17

19 Thin Ice, 2011 279

20 A Boardroom Row, 2012 291

21 Here Today, Gone Tomorrow, 2012 307

22 A Complete Mess, 2012 327

23 'Barclays is not the place for you,' 2015 337

24 The Second Coming of Jes Staley, 2016 359

Epilogue: And Then 373

Appendices

i Barclays Board Members, 1986-2019 379

ii Barclays Share Price, 2007-19 385

Notes 387

Index 409

Editorial Reviews

He tells the financial story of our age - Alec Russell - Financial Times

A brilliantly readable account, based on exceptional access to most of those involved, of the transformation of the old Quaker bank into a hard-charging capitalist adventurer. ... Philip Augar's book is both a thriller and a reminder that business is fascinating because all human life is there. - John Plender - Financial Times

A riveting and revealing account of how a bank of high moral character with Quaker origins ended up in the sewer thanks to ambition and greed. - Iain Martin - The Times

Once you start reading Philip Augar's well-researched book, you are captivated. ... What makes The Bank That Lived a Little a must-read is the way in which, in its pages, Barclays comes to embody all that has been, and possibly still is, wrong with the entire banking sector. - Vicky Pryce - Literary Review

From the Publisher