Part 3 Chapter 34 Bang Summary and Analysis

Morgan Grenfell is also changing in character during this time. They are becoming an aggressive firm. Morgan Grenfell never had any sort of management planning. They manage the finances of Queen Elizabeth II and the sultan of Brunei and also manage various pension funds. The firm is instrumental in financing North Sea oil and projects for the Soviet Union. The British government opens the British banking market to competition. Fixed commissions are eliminated and there are many mergers among the banks. Morgan Grenfell is slow to react to the changes. The traditional directors do not want any mergers, the younger ones do. In June 1986, they take the firm public and sell shares to raise capital needed for trading. They are now active in hostile takeovers and corporate raids. Morgan Grenfell's two takeover stars are Roger Seelig and...