Bang-Up Time in London

A staid investment community explodes on the eve of deregulation

In the mile-square City of London, Britain's once staid financial heart, events are exploding in most ungentlemanly fashion. Venerable brokerage houses that have dozed along contentedly almost since Edwardian times are merging or being snapped up by marauding U.S., Japanese or French financial institutions. Pinstripe City men who have known each other since Oxford or Cambridge days are rubbing shoulders with rough-and-tumble stock traders who sport little of the old-school polish but plenty of the street savvy that has suddenly become worth unheard-of six-figure salaries. Unable to contain the activity, the City is bursting at the seams, as rapidly expanding investment...

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