Banking: Pin-Stripe Invaders

The ads in San Francisco newspapers last week introduced "Miss Lizbeth Rotherwick of Telegraph Hill. Has Hester Bateman silver. Collects old Spode. Enjoys pullovers by Pringle. And now she has a special checking account at the Chartered Bank of London." The mythical miss sounds somewhat less than smashing, but the point of the ads was that she did not have to cross a continent and an ocean to open a checking account at Chartered: the London bank recently opened a San Francisco subsidiary. Aware that the U.S. money market can be a happy hunting ground, foreign banks are setting up...

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