Business & Investment

David Buik looks back on 60 years in the city

City veteran David Buik retired after working in the UK financial industry for nearly 60 years. He looks back on how his working life and circumstances have changed since he got his first job in 1962.

David Buik, left, on Kirkland Whittaker’s 1969 money-breaking desk

This is because when I joined one of the most active and ambitious Merchant Banks, Phillip Hill, Higginson, and Arlangers in September 1962, I didn’t bother the A-level exam committee in any of the subjects. I was surprisingly lucky to get a good job.

My dad was fascinated by my fantasy desire to become a corporate lawyer. However, given my academic shortcomings, I was happy to be hired as a bank management trainee.

Can you imagine such luck today? Unthinkable. At that time, it wasn’t about what you knew, but who you knew.

Over the last 60 years, there have been cultural and behavioral changes in earthquakes.

Dresses and haircuts were very customary when I started in the city in the early 1960s. Three-piece suits were almost mandatory. Many men wore hard collars and plain ties. You called people older than you “Sir” or “Mrs.”

Dresses and haircuts were very customary when I started in the city

Members of London’s discount market symbolize the city’s old-fashioned tradition by wearing a top hat every day when visiting a bank.

Females earned two-thirds of the salary men paid to do the same job and had virtually no managerial appointments. Those barriers were defeated without a trace.

In the early 70’s, bell-bottom trousers, wide collars, platform shoes, long hair and sideburns, and miniskirts were all the rage.

The city has also become much more international as a huge number of foreign banks have set up their stalls.

The 1972 miners’ strike reached 21% in 1974, and the FTSE 30 bottomed out at 142.7, damaging living standards.

Cheers: As the city becomes more international, David Buik enjoys going out at night in 1976.

Cheers: As the city becomes more international, David Buik enjoys going out at night in 1976.

In the early 1980s, interest rates were very high, but it was a great decade for the city. The FTSE Index increased its membership from 30 to 100 in 1984, consistent with the dramatic positive personal tax benefits.

This became very obvious in the 80’s. It has been 10 years for everyone to create personal wealth.

The 80’s was a decade for everyone in the city to create personal wealth.

Fund and hedge fund management has grown systematically, with influential and enormous wealth. The abolition of currency control in 1979 and the Big Bang in 1986 took financial activity to another level, significantly increasing M & A and IPO businesses.

The 90’s also offered great opportunities for everyone. Private education became less important as an admission qualification and rolled into the 2000s, an era of Blair and Brown’s growth and light touch regulation.

Still, the first decade of the 21st century has brought numerous challenges to the credit crunch, banking and financial crisis since 2007. As a result, several building-and-loan unions have almost wiped out RBS and met the Lloyds Banking Group. There is a slight shortage of fatal injuries, including HBoS integrated into it.

David Buik is now retired in the city 60 years later

David Buik is now retired in the city 60 years later

Thousands of people lost their jobs, a British investment bank defeated the withdrawal, and handed the baton to Goldman Sachs, JP Morgan, Morgan Stanley and others almost permanently.Technology has become the key to trading financial products

Since then, Brexit has been thorny on the side of the city. Sir Hammond, as Prime Minister, did not appear to be willing to participate in and fight financial services when it was negotiated. These services contribute about 11% to UK GDP.

The city has lost its euro-based transactions, but has just finished its best year with 108 IPOS in 2021.

If the EU continues to favor the UK, it is not a beneficiary. New York and Asia will benefit. I hope that the bad feelings of each other will disappear and that we can see the good sense that they work in harmony.

The coronavirus pandemic and telecommuting emptied the streets of the city, but when people returned to the office in the summer and fall, the topic came back. Omicron temporarily dented it, but the city is back and the pubs and wine bars are packed after work.

How the city’s business and celebrities have changed

After the devastation of World War II in 1962, business, industry, and commerce were about to make breakthroughs.

Every day, the main large format had a page with “on sale” documents that provided access to the IPO application form.

“Stagnation” is a common form of investment for many individual investors, buying stock and inevitably selling it for about 10% profit the day after issuance, with no capital gains tax until 1965.

Banks of the United States, Japan and Europe have begun to set up their own stalls in the city to compete with domestic banking alliances such as Ottoman Bank, National & Grindleys Bank, HSBC, Standard Bank and ANZ Bank. Procurement of trade finance, bills of exchange, dollar and currency deposits.

The crowded streets of London in the 1960s-10 years when David Buik began in London

The crowded streets of London in the 1960s-10 years when David Buik began in London

In terms of its importance to the British economy, the city went wild in the 1970s. This is due to the emergence of the rapidly growing Eurodollar market during this period.

Eurodollar was a US dollar-denominated time deposit at a bank outside the United States and was therefore not under the jurisdiction of the Federal Reserve System. As a result, such deposits are subject to much less regulation than similar deposits in the United States.

By the end of the 70’s, over 300 banks were trading dollars and other currencies. And forex. Security Pacific National Bank, Marine Midland, Millwalky’s First Wisconsin National Bank, Crocker National Bank, Nations Bank, as well as 26 Japanese banks adding to people who have been in the city for years have set up their stalls. .. ..

UBS, Deutsche Bank, Commerzbank, Credit Suisse, ABN AMRO, and the abundant Scandinavian banks have begun to become very prominent in the decade before the 1986 Big Bang.

Fleet Street heading to St. Paul's Cathedral in 1970

Fleet Street heading to St. Paul’s Cathedral in 1970

There is no doubt that when the Thatcher administration abolished currency control in 1979, its policy was more important to business development than the Big Bang.

At that time, the maximum income tax rate was 83 percent.

It sent a very strong message that the UK is open for business.

At that time, the maximum income tax rate was 83 percent. The Thatcher administration reduced the rate to 60% in 1984 and 40% in 1986.

The prime minister argued that people should be taxed on their spending power, not on their earning power.

Not surprisingly, London has become a very attractive place to work. Entering the right stage – Little encouragement was needed to focus on the pie of expanding international businesses such as Goldman Sachs, Morgan Stanley and Salomon Brothers.

Their opportunity was greatly enhanced here in London by the presence of the world’s best legal and financial engineering advice (accounting).

By 1967, I had learned more about the basic foundations of investment banking at Phillip Hill than any other career, but it was time to win the crust.

I found that life with a penalty was frustrating and lacking in fulfillment. As a result, I was attracted to money brokerage and started my 35-year career at the then venerable company RP Martin. I became a broker in their Sterling operations.

In the years that followed, I launched several intermediaries with friends and colleagues – Kirkland-Witaker London Deposit Agency ended up as part of EXCO’s own Godsell.

I was dissatisfied with EXCO’s approaching derivative trading. So I moved to MMA and eventually became part of Prebon Yamane, now involved in Tullett and recently integrated with ICAP.

The Thameslink train crosses the Blackfriars Bridge in 1993 and then passes in front of the dramatically changed city skyline.

The Thameslink train crosses the Blackfriars Bridge in 1993 and then passes in front of the dramatically changed city skyline.

In 1986, the Thatcher administration changed its attitude towards financial markets through deregulation of financial markets, including the abolition of fixed fees and the distinction between stock exchanges and stock exchanges on the London Stock Exchange.

This was after LIFFE opened in London in 1982. The financial futures market has transformed the liquidity of all financial products.

Derivatives trading has started from the futures market. The development of the derivatives market is synonymous with the arrival of the ICAP and was relentlessly promoted by its founder, Sir Michael Spencer.

He figured out nettles about where financial engineering is heading in front of his peers, including celebrities such as Guy Butler, EXCO, MW Marshall, Turret & Tokyo, Tradition, and Eurobroker.

Thanks to many people. Years ago, the city would be a desert for brokers if I didn’t have good customers and friends who were in debt of gratitude.

In summary, I was a very inspiring business builder, a witty gambler, a good communicator, but a poor businessman. I didn’t know when to “cut and run”.

I was a very inspiring business builder, a witty gambler, a good communicator, but a poor businessman.

It turned out to be my Achilles tendon. I was fired because I spoke to Yamane Prebon in Tokyo out of order to tell management the time, rather than giving advice.

When I returned from Tokyo, from the perspective of my career, necessity became the mother of invention. After easily reinventing myself as a PRO at City Index, I moved to Cantor Index / BGC Partners to extend my career. This was in line with the dot.com boom and its fallout tactics.

During this time, the atrocities of 9/11 killed 658 of my colleagues who died at the North Tower of the World Trade Center. Then there was the 2003 Gulf War and the 2008/9 bank credit crisis.

Throughout the 2000s, I was honored to be given the opportunity to make so many friends from the world of visual, audio, and written media.

Over the years, I’ve always been grateful to LBC, BBC, Sky, ITV, Bloomberg, CNBC, CNN, Channel 4 & 5, TalkRadio and Reuters for always providing a platform for talking about the economic issues of the day. I am. I am also very grateful for the financial coverage that patiently spoiled me.

Without the support of my employer, BGC partner, Panmuir Gordon, Core Spread, and finally Aquis Exchange, where I had a very happy and constructive year for 15 years, my career would be in a whirlpool of oblivion. It would have been.

> Listen to David Buik’s Full & Frank Podcast with Michael Wilson to interview key city and business people

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David Buik looks back on 60 years in the city

https://www.dailymail.co.uk/money/markets/article-10399535/David-Buik-looks-six-decades-City.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 David Buik looks back on 60 years in the city

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