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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: 25 July 2021

Decline and Renaissance, 1931–2015

Decline and Renaissance, 1931–2015

(p.246) (p.247) Chapter 7 Decline and Renaissance, 1931–2015
Private Banking in Europe

Youssef Cassis

Philip L. Cottrell

Oxford University Press

The book’s final chapter considers the accelerated decline of private banks from the 1930s. Private country banks were (nearly) wiped out by the Great Depression, with no revival in the post-war years. The haute banque managed to survive the banking crises, the slump and the war years—except in Germany, where the leading Jewish private banking houses were eliminated by the Nazi regime. The London merchant banks enjoyed a remarkable revival in the 1960s, with the Euromarkets and corporate finance—though most of them converted into public companies. Paradoxically, private banking re-emerged as the last surviving private banks in London and Paris were disappearing. The renewal of private banking from the 1980s has primarily been the remarkable growth of a banking activity (wealth management), which has come to be known as ‘private banking’. Today’s ‘private’ banks mostly consist of subsidiaries of the world’s largest banks.

Keywords:   private banks, Great Depression, Euromarkets, corporate finance, private banking, wealth management

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