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Private Banking in EuropeRise, Retreat, and Resurgence$
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Youssef Cassis and Philip L. Cottrell

Print publication date: 2015

Print ISBN-13: 9780198735755

Published to Oxford Scholarship Online: September 2015

DOI: 10.1093/acprof:oso/9780198735755.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 20 September 2021

The Onset of the Corporate Economy, 1870–1914

The Onset of the Corporate Economy, 1870–1914

(p.165) Chapter 5 The Onset of the Corporate Economy, 1870–1914
Private Banking in Europe

Youssef Cassis

Philip L. Cottrell

Oxford University Press

From 1870 onwards, private bankers were confronted with the rise of increasingly large and powerful joint-stock banks, in a fast expanding and internationally open economy. Chapter 5 considers how successful they were in facing these challenges. Private banking remained a key component of the banking world at three levels. The first is the world of the haute banque, above all the London merchant banks; the second is the less glamorous world of the local and regional private banks, which continued to provide essential banking and financial services to the many areas of Continental Europe; and the third level is the enduring persistence of private bankers who were often able to retain a commanding position in the financial world, especially in international finance, where the game continued to be played according to the unwritten rules and code of conduct of the banking aristocracy.

Keywords:   private banks, joint-stock banks, merchant banks, local banks, London, Paris, banking aristocracy

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