Mega-banks should face up to the painful truth that small is beautiful

The names that used to dominate the square mile have rolled up in successive waves of bank mergers into one of the giant bulge-bracket banks that dominate global finance, writes Simon Nixon.

It is only 15 years since I started working in the City, but it often feels like it should be 150. Hardly any of the names that dominated the Square Mile and yes, all the main firms used to be in the Square Mile are around these days, even in name.

Barings, Warburgs, James Capel, Wood Mackenzie, Scrimgeour Kemp Gee are all gone, rolled up in successive waves of bank mergers into one of the giant bulge-bracket banks that dominate global finance. An echo of Kleinwort Benson lingers on in Dresdner Kleinwort. My first shop, a wonderfully old-fashioned stockbroker called Laing & Cruickshank, disappeared years ago, while all trace of Flemings, where I worked for three years, was obliterated when it was absorbed by JP Morgan.

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Simon Nixon

Simon is the chief leader writer and columnist at The Times and previous to that, he was at The Wall Street Journal for 9 years as the chief European commentator. Simon also wrote for Reuters Breakingviews as the Executive Editor earlier in his career. Simon covers personal finance topics such as property, the economy and other areas for example stockmarkets and funds.