Bishopsgate is one of the 25 wards of the City of London and the name of a major road between Gracechurch Street and Norton Folgate in the northeast corner of London's main financial district. Bishopsgate is named after one of the original eight gates in the London Wall; the site of this former gate is marked by a stone bishop's mitre, fixed high upon a building located at Bishopsgate's junction with Wormwood Street, by the gardens there and facing the Heron Tower. Although tens of thousands of people commute to and work in the ward, it has a resident population of only 222; the ward is bounded by Worship Street to the north, where the edge of the City meets the boroughs of Islington and Hackney. It neighbours the borough of Tower Hamlets in the east; the western boundary is formed by Old Broad Broad Street ward itself. Bishopsgate bounds the wards of Aldgate, Coleman Street and Lime Street. Bishopsgate ward straddles the line of the Wall and the old gate and is divided into "Within" and "Without" parts, with a deputy appointed for each part.
Since the 1994 and 2003 boundary changes all of the ward is Without. The ward extended much further south, along the Bishopsgate road and Gracechurch Street to meet Langbourn ward, but in the 2003 changes much of the Within part was transferred to Cornhill and Lime Street. No changes to Bishopsgate's ward boundaries occurred in the 2013 boundary changes. Roman, the Bishop's Gate was rebuilt by the Hansa merchants in 1471 in exchange for Steelyard privileges, its final form was erected in 1735 by the City authorities and demolished in 1760. This gate displayed the heads of criminals on spikes. London Wall divided the ward and road into an intramural portion called Bishopsgate Within and an extramural portion called Bishopsgate Without; the Bishopsgate thoroughfare forms part of the A10 and the section to the north of the site of the original Gate is the start of Roman Ermine Street known as the'Old North Road'. The parish church for the area of Bishopsgate Without is St Botolph-without-Bishopsgate.
This is located just to the north of the original Gate on the west side of the road. Bishopsgate Within was divided into many parishes, each with its own parish church: St Andrew Undershaft, St Ethelburga Bishopsgate, St Martin Outwich, St Mary Axe and St Helen's Bishopsgate, now all amalgamated under the last of these. St Helen's is a historic medieval church and former monastic establishment with many ancient funerary monuments and a stained glass window depicting William Shakespeare — commemorating a famous former parishioner who lived in the area in the early to mid 1590s. Bishopsgate was the location of many coaching inns which accommodated passengers setting out on the Old North Road. These, though they survived the Great Fire of London, have now all been demolished, though the modern White Hart pub, to the north of St Botolph's at the junction with Liverpool Street, is the successor of an inn of the same name. Others included the Dolphin, the Flower Pot, the Green Dragon, the Wrestlers, the Angel and the Black Bull.
The latter was a venue for the Queen's Men theatrical troupe in the 16th century. The name of an inn called the Catherine Wheel is commemorated by Catherine Wheel Alley which leads off Bishopsgate to the east; the 17th century facade of Sir Paul Pindar's House, demolished to make way for Liverpool Street railway station in 1890, on Bishopsgate was preserved and can now be seen in the Victoria and Albert Museum. In the 18th century this grand residence became. Demolished was the old Crosby Hall, at one time the residence of Richard III and Thomas More. Bishopsgate is the site of Dirty Dick's, the Bishopsgate Institute, many offices and skyscrapers. On 24 April 1993 it was the site of an IRA truck bombing which killed journalist Ed Henty, injured over 40 people and caused £1 billion worth of damage, including the destruction of St Ethelburga's church and damage to the NatWest Tower and Liverpool Street station. Police had received a coded warning, but were still evacuating the area at the time of the explosion.
The area had suffered damage from the Baltic Exchange bombing one year before. The street is home to the main London offices of several major banks, including the Royal Bank of Scotland and the European Bank for Reconstruction and Development. Within the ward falls the Broadgate Estate; the following are tall buildings and skyscrapers built, under construction or approved for Bishopsgate, from north to south: Broadgate Tower Heron Plaza Heron Tower 99 Bishopsgate 100 Bishopsgate Tower 42 22 Bishopsgate Bishopsgate is one of 25 wards in the City of London, each electing an Alderman to the Court of Aldermen, Commoners to the Court of Common Council of the City of London Corporation. Only electors who are Freemen of the City of London are eligible to stand. Fortifications of London Ben Weinreb and Christopher Hibbert The London Encyclopedia. Michael Wood In Search of Shakespeare. London: BBC Worldwide. Mention in Being for the Benefit of Mr. Kite! by the Beatles: "The celebrated Mr. K. performs his feat on Saturday at Bishopsgate."
Ward map from the Corporation of London Bishopsgate ward newsletter
The historic overseas bank was established in London in 1828 as Leslie & Grindlay and bankers to the British army and business community in India. Banking operations expanded to include the Indian subcontinent, the Middle East and elements of Africa and Southeast Asia, it was styled Grindlay, Christian & Matthews in 1839, Grindlay & Co from 1843, Grindlay & Co Ltd from 1924 and Grindlays Bank Ltd in 1947 until its merger with the National Bank of India. The National Bank of India was formed in 1863 and became one of the larger London overseas banks operating not only in the Indian sub-continent but in communities around the Indian Ocean. In 1948 it purchased the smaller Grindlays Bank Ltd, renaming itself National and Grindlays Bank Ltd some ten years later. Following further acquisitions, its name was shortened to Grindlays Bank in 1974. Grindlays was taken over by Australia and New Zealand Banking Group in 1984 and renamed ANZ Grindlays Bank. Standard Chartered Bank acquired ANZ Grindlays in 2000, after which the Grindlays name fell out of use.
Captain Robert Melville Grindlay established a firm, Leslie & Grindlay, in London in 1828, to arrange passage to and from India for customers and their baggage. In time, the firm added private banking activities to its menu of services. Changes in partners caused the firm to change its name to Grindlay, Christian & Matthews in 1839 and Grindlay & Co. from 1843. Capt. R M Grindlay retired in 1852; the firm remained based in London until 1854 when offices were opened at Calcutta in 1864 and Bombay in 1865. These offices were autonomous, administered from London, until the local partners interests were bought out in 1908. Additional branches were opened in Simla, Delhi and Peshawar. Grindlays was regarded as "pre-eminently bankers to the Indian Army" and it did little commercial banking; the failure of army bankers, Macgrigors, in 1922 and the Alliance Bank of Simla in 1923, encouraged the Grindlays partners to seek the security of a larger organisation. In 1924, the Bank was acquired by the National Provincial Bank, converted into a company and allowed to operate independently.
When National Provincial decided to exit overseas banking in 1948, it sold Grindlays to the National Bank of India, in which it took a small share position. The Calcutta City Banking Corporation was formed in 1863 as an Indian registered bank, changing its name to the National Bank of India a few months later. Offices in London and Bombay followed in 1864 and 1865. Crucial to the Bank's future, its head office was transferred to London in 1866 and the Company was registered under the UK Companies Act, giving it much greater international potential, but it was a move, fiercely contested for many years. NBI remained with these three offices until 1870 when it sought to exploit opportunities in China with a branch in Hong Kong and in Shanghai. Substantial losses threatened the Bank and the Chinese operations were closed. Without neglecting its domestic market, NBI began to expand around the fringes of the Indian Ocean Aden and East Africa. Steady expansion continued through the early 1900s and by the outbreak of World War I NBI was the seventh largest of the London-registered overseas banks.
Growth continued during the War and by 1918 the Bank's assets were £33m with record profits of over £400,000. Around that time, detailed discussions took place with Lloyds Bank and agreement was reached in principle for Lloyds to acquire NBI but, according to the Bank's official history, the proposal was vetoed by "the authorities"; the inter-war years saw NBI stagnate. More substantial change was to come after the Second World War. In August 1947 India was granted independence with all the turmoil that entailed in the Bank's main market. Undaunted, the following year NBI purchased Grindlays Bank from National Provincial Bank. NBI and Grindlays were not merged operationally until 1958 under the name National Overseas and Grindlays Bank, renamed National and Grindlays Bank in 1959. In 1961, NGB exchanged a 25 per cent share in NGB for Lloyds Bank’s Eastern Division, an operation which included the celebrated Cox’s Bank, "par excellence bankers to the British Army". In 1968 National Provincial Bank sold its shareholding to Lloyds Bank and in 1969, Citibank took a 40 per cent stake in NGB.
In 1969, the Ottoman Bank sold its branches in London, Sudan, Qatar, East Africa, the Emirates, Rhodesia to the National and Grindlays Bank, which dropped the National prefix in 1975. Grindlays Bank bought the Ottoman Bank's separate operations in France and Geneva, Banque Ottomane, renamed them Grindlays Bank - France. In 1984 Citibank and Lloyds sold Grindlays to New Zealand Banking Group. In 1989, five years after it acquired Grindlays, ANZ changed Grindlays' name to ANZ Grindlays Bank and transferred its domicile to Australia in 1995. In 1993, ANZ Grindlays sold its African operations to Standard Bank Investment Corporation, the holding company for Standard Bank of South Africa's operations outside South Africa. Standard Chartered Bank had sold its shares in Standard Bank of South Africa to the bank's existing shareholders in 1987 to escape anti-apartheid sanctions against South Africa. In 2000, ANZ sold its Grindlays subsidiary to Standard Chartered for US$1.3 billion in cash, which merged it with its existing banking operations.
Minerva House, Grindlay's London headquarters from 1983 Alfred Robert Grindlay, notable contemporary relation of Captain Robert Melville Grindlay
Stamford is a city in Fairfield County, United States. According to the 2010 census, the population of the city is 122,643; as of 2017, according to the Census Bureau, the population of Stamford had risen to 131,000, making it the third-largest city in the state and the seventh-largest city in New England. 30 miles from Manhattan, Stamford is in the Bridgeport-Stamford-Norwalk Metro area, a part of the Greater New York metropolitan area. Stamford is home to four Fortune 500 Companies, nine Fortune 1000 Companies, 13 current 100 Companies, as well as numerous divisions of large corporations; this gives Stamford the largest financial district in the New York metropolitan region outside New York City itself and one of the largest concentrations of corporations in the United States. Stamford was known as Rippowam by the Native American inhabitants to the region, the first European settlers to the area referred to it as such; the present name is after the town of Stamford, England. The deed to Stamford was signed on July 1, 1640 between Captain Turner of the New Haven Colony and Chief Ponus.
By the 18th century, one of the primary industries of the town was merchandising by water, possible due to Stamford's proximity to New York. In 1692, Stamford was home to a less famous witch trial than the well-known Salem witch trials, which occurred in 1692; the accusations were less fanatical and smaller-scale but grew to prominence through gossip and hysterics. New Canaan separated from Stamford when it incorporated as a town in 1801, followed by Darien in 1820. Starting in the late 19th century, New York residents built summer homes on the shoreline, back there were some who moved to Stamford permanently and started commuting to Manhattan by train, although the practice became more popular later. Stamford incorporated as a city in 1893. In 1950, the Census Bureau reported the city's population as 94.6 % 5.2 % black. In the 1960s and 1970s, Stamford's commercial real estate boomed as corporations relocated from New York City to peripheral areas. A massive urban redevelopment campaign during that time resulted in a downtown with many tall office buildings.
The F. D. Rich Co. was the city-designated urban renewal developer of the downtown in an ongoing redevelopment project, contentious, beginning in the 1960s and continuing through the 1970s. The company put up what was the city's tallest structure, One Landmark Square, at 21 floors high, the GTE building, along with the Marriott Hotel, the Stamford Town Center and many of the other downtown office buildings. One Landmark Square has since been dwarfed by the new 34-story Trump Parc Stamford condominium tower, again by the Atlantic Station development, another project by the Rich Company in partnership with Cappelli Enterprises. Over the years, other developers have joined in building up the downtown, a process that continued, with breaks during downturns in the economy, through the 1980s, 1990s and into the new century. Since 2008, an 80-acre mixed-use redevelopment project for the Stamford's Harbor Point neighborhood has added additional growth south of the city's Downtown area. Once complete, the redevelopment will include 6,000,000 square feet of new residential, retail and hotel space, a marina.
As of July 2012 900 of the projected 4,000 Harbor Point residential units had been constructed. New restaurants and recreational activities have come up in the Harbor Point area, considered as New Stamford. Stamford is situated on the Long Island Sound, it comprises a number of neighborhoods and villages including Cove, East Side, North Stamford, West Side, Turn Of River, Springdale, Ridgeway, South End, Shippan and Palmers Hill. North of the Merritt Parkway is considered the North Stamford section of the city. North Stamford encompasses the largest land mass in Stamford, however it is the least densely populated area of the city. North Stamford functionally and acts as one municipality with the City of Stamford. Towns surrounding Stamford include Pound Ridge, New York to the north, Greenwich to the west, both Darien and New Canaan to the east; the city has an area of 52.09 square miles, making it the largest city by area in the state. Under the Köppen climate classification, Stamford has a temperate climate, with long, hot summers, cool to cold winters.
Stamford, like the rest of coastal Connecticut, lies in the broad transition zone between the continental climates of New England and southeast Canada to the north, the milder temperate and subtropical climates to the south. The warm/hot season in Stamford is from mid-April through early November. Late day thundershowers are common in the hottest months, despite the sunny skies; the cool/cold season is from late November though mid March. Winter weather is far more variable than summer weather along the Connecticut coast, ranging from sunny days with higher temperatures to cold and blustery conditions with occasional snow. Like much of the Connecticut coast and nearby Long Island, NY, some of the winter precipitation is rain or a mix and rain and wet snow in Stamford. Stamford averages about 30 inches of snow annually, compared to inland areas like Hartford and Albany which average 45–60 inches of snow annually. Although infrequent, tropical cyclones have struck the Stamford metropolitan area.
Hurricane landfalls have occurred along the Connecticut coast in 1903, 1938, 1944, 1954, 1
National Westminster Bank known as NatWest, is a major retail and commercial bank in the United Kingdom. It was established in 1968 by the merger of National Provincial Westminster Bank. Since 2000, it has been part of The Royal Bank of Scotland Group. Following "ringfencing" of the Group's core domestic business, the bank became a direct subsidiary of NatWest Holdings. NatWest is considered one of the Big Four clearing banks in the UK, it has a large network of over 960 branches and 3,400 cash machines across Great Britain and offers 24-hour Actionline telephone and online banking services. Today, it has 850,000 small business accounts. In Ireland, it operates through its Ulster Bank subsidiary. In 2017, NatWest was awarded Best Banking App in the British Bank Awards; the bank's origins date back to 1658 with the foundation of Smith's Bank of Nottingham. Its oldest direct corporate ancestor, National Provincial Bank, was formed in 1833 as the National Provincial Bank of England, it acquired Union of London and Smith's Bank in 1918 to become National Provincial and Union Bank, shortening its name back to National Provincial in 1924.
National Provincial bought District Bank in 1962, but continued to operate District's branch network separately. Westminster Bank was founded in 1834 as London and Westminster Bank dropping the "London" portion in 1923; the creation of the modern bank was announced in 1968, National Westminster Bank Limited commenced trading on 1 January 1970, after the statutory process of integration had been completed in 1969. The famous three arrowheads symbol was adopted as the new bank's logo; the District, National Provincial, Westminster Banks were integrated in the new firm's structure, but private bankers Coutts & Co. Ulster Bank in Northern Ireland and the Isle of Man Bank continued as separate operations. Westminster Foreign Bank was restyled International Westminster Bank in 1973. Duncan Stirling, outgoing chairman of Westminster Bank, became first chairman of the fifth largest bank in the world. In 1969 David Robarts, former chairman of National Provincial, assumed Stirling's position. In 1975 it was one of the first London banks to open a representative office in Scotland.
It was a founder member of the Joint Credit Card Company which launched the Access credit card in 1972 and in 1976 it introduced the Servicetill cash machine. The same banks, excluding Lloyds, were responsible for the introduction of the Switch debit card in 1988. Deregulation in the 1980s, culminating in the Big Bang in 1986 encouraged the bank to enter the securities business. County Bank, its merchant banking subsidiary formed in 1965, acquired various stockbroking and jobbing firms to create the investment banking arm County NatWest. National Westminster Home Loans was established in 1980 and other initiatives included the launch of the Piggy Account for children in 1983, the Credit Zone, a flexible overdraft facility on which customers only pay interest and the development of the Mondex electronic purse in 1990; the Action Bank advertising campaign spearheaded a new marketing-led approach to business development. Under the direction of Robin Leigh-Pemberton Lord Kingsdown, who became chairman in 1977, the bank expanded internationally, forming National Westminster Bancorp in the United States of America with a network of 340 branches across two states, National Westminster Bank of Canada and NatWest Australia Bank.
In 1982, the Frankfurt office of International Westminster Bank merged with Global Bank AG to form Deutsche Westminster Bank. In 1985, Banco NatWest España was formed and National Westminster Bank SA was incorporated in 1988, taking over the bank's six branches in France and Monaco. In 1989, International Westminster Bank was merged into National Westminster Bank by Act of Parliament. Completed in 1980, the bank built the National Westminster Tower in London to serve as its international headquarters. At a height of 600 feet it was the tallest building in the UK until the topping-out of Canary Wharf Tower 10 years later. Worthy of note is National Westminster House in Birmingham: the building was sold to British Land in 2007 and demolished in 2015; the bank's expansion strategy hit trouble with the stock market crash of 1987 and involvement in the financial scandal surrounding the collapse of Blue Arrow. The Department of Trade and Industry report on the affair was critical of the bank's management and resulted in the resignation of several members of the board, including chairman Lord Boardman.
Citizens Financial Group
Several banks are known as Citizens Bank. Citizens Financial Group, Inc. is an American bank headquartered in Providence, Rhode Island, which operates in the states of Connecticut, Maine, Michigan, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont. Between 1988 and its 2014 initial public offering, Citizens was a wholly owned subsidiary of The Royal Bank of Scotland Group. RBS sold its last 20.9% stake in the company in October 2015. Citizens operates more than 1,200 branches and 3,200 ATMs across 11 states under the Citizens Bank brand. Citizens ranks 23rd on the List of largest banks in the United States. Citizens was established in 1828 as the High Street Bank in Rhode Island. In 1871, the Rhode Island legislature gave a second charter to establish the Citizens Savings Bank which acquired its parent group to form Citizens Trust Company; the bank expanded through Rhode Island, opening a total of 29 branches in that state. It established Citizens Financial Group as a holding company when the bank acquired The Greenville Trust Company in 1954.
In 1985, Citizens changed status from a mutual savings bank to a federal stock savings bank. Expansion into other states began with Massachusetts in 1986. In 1988, Royal Bank of Scotland acquired Citizens. Under RBS ownership, Citizens acquired several smaller banks in New England to become the second largest bank in the region. In 1996, in conjunction with the acquisition of First NH Bank, the Bank of Ireland gained a 23.5% stake in Citizens, which RBS acquired two years to resume 100% ownership. In 1999, Citizens acquired the retail banking business of State Street Corporation increasing its footprint in Boston. Expansion outside New England began in 2001, when RBS purchased the retail banking division of Mellon Financial Corporation in Pennsylvania, New Jersey and Delaware for $2 billion. At one stroke, Citizens Bank became the second-largest bank in Pennsylvania, a major bank in both Philadelphia and Pittsburgh. In July 2003, the bank purchased the naming rights to the new home field of the Philadelphia Phillies, named Citizens Bank Park.
On January 17, 2003, Citizens Financial Group purchased Commonwealth Bancorp, the holding company for Commonwealth Bank, based in Norristown, Pennsylvania. In 2004, RBS purchased the credit card division of Connecticut-based People's Bank; this purchase allowed Citizens to market its own credit cards. In August 2004, Citizens Financial acquired Cleveland-based Charter One Financial, parent company of Charter One Bank, with branches in Illinois, Indiana, upstate New York, Vermont for $10.5 billion. Because Citizens Republic Bancorp of Flint, Michigan operated under the Citizens Bank name in most of Charter One's territory, Citizens Financial elected to keep the Charter One name in Charter One's Midwestern footprint. However, it re-branded the New Vermont branches as Citizens Bank; this purchase made Citizens Financial the 12th largest bank in the United States with over $131 billion in assets and 1,530 branches across 13 states. In early 2005, the Charter One name replaced the Citizens Bank banner on seven branches in Butler County, Pennsylvania.
This rebranding resolved a 3½-year-old name dispute with Butler-based Citizens National Bank. By mid 2005, Citizens National and Citizens Financial agreed to a compromise. Citizens National Bank changed its name to NexTier Bank, while the Citizens Financial Group branches reverted to the "Citizens Bank" name. A new corporate logo designed to show Citizens Bank's connection to the Royal Bank of Scotland debuted on April 26, 2005. In July 2006, Citizens Bank eliminated the mortgage department in Michigan and terminated over 100 employees. On September 1, 2007, the individual banks under Citizens Financial Group, excluding Citizens Bank of Pennsylvania, merged into RBS Citizens, N. A. In November 2008, Charter One sold its network of 65 branches in Indiana to Old National Bank which rebranded them under the Old National Bank banner; the transaction closed in June 2010. In 2014, Citizens sold 94 branches in metropolitan Chicago to U. S. Bancorp. Citizens Republic Bancorp was founded in Flint, Michigan in 1871 and merged with Republic Bank in 2006.
In 2007, Citizens Republic prevailed in a case to prevent Citizens Financial from using the similar name in Michigan and Ohio. FirstMerit Bank acquired Citizens Republic in 2013 and rebranded all branches as FirstMerit until 2016 when Huntington Bancshares acquired FirstMerit. With conflicting names no longer an issue, Citizens Bank announced June 30, 2014, that Charter One branches in Michigan and Ohio would be rebranded as Citizens Bank; the name change took place on April 27, 2015, bringing to an end the name Charter One in Cleveland. In May 2008, Citizens Financial Group failed to publicly announce that it was under investigation by the Securities and Exchange Commission for its involvement in the sub-prime mortgage crisis that devastated the U. S. housing market and bond investors around the world. The SEC only investigated banks if suspected of involvement in the purchase and sale of subprime securities. In 2008, the company anticipated writing off $2 billion in bad loans. Royal Bank of Scotland posted the biggest loss in British corporate history and announced cost cutting measures at Citizens.
A Philadelphia developer sued Citizens Bank January 27, 2010, for $8 billion, under a claim that the bank used sham accusations of default to recall loans in an effort to prop up its failing parent companies, Citizens Financial Group and "its ultimate parent, The Royal Bank of Scotland Group." Following the effective nationalization of RBS in 2008, speculation arose as to wheth
An investment bank is a financial services company or corporate division that engages in advisory-based financial transactions on behalf of individuals and governments. Traditionally associated with corporate finance, such a bank might assist in raising financial capital by underwriting or acting as the client's agent in the issuance of securities. An investment bank may assist companies involved in mergers and acquisitions and provide ancillary services such as market making, trading of derivatives and equity securities, FICC services. Most investment banks maintain prime brokerage and asset management departments in conjunction with their investment research businesses; as an industry, it is broken up into the Bulge Bracket, Middle Market, boutique market. Unlike commercial banks and retail banks, investment banks do not take deposits. From the passage of Glass–Steagall Act in 1933 until its repeal in 1999 by the Gramm–Leach–Bliley Act, the United States maintained a separation between investment banking and commercial banks.
Other industrialized countries, including G7 countries, have not maintained such a separation. As part of the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010, the Volcker Rule asserts some institutional separation of investment banking services from commercial banking. All investment banking activity is classed as either "sell side" or "buy side"; the "sell side" involves trading securities for cash or for other securities, or the promotion of securities. The "buy side" involves the provision of advice to institutions. Private equity funds, mutual funds, life insurance companies, unit trusts, hedge funds are the most common types of buy-side entities. An investment bank can be split into private and public functions with a Chinese wall separating the two to prevent information from crossing; the private areas of the bank deal with private insider information that may not be publicly disclosed, while the public areas, such as stock analysis, deal with public information. An advisor who provides investment banking services in the United States must be a licensed broker-dealer and subject to U.
S. Securities and Exchange Commission and Financial Industry Regulatory Authority regulation; the Dutch East India Company was the first company to issue bonds and shares of stock to the general public. It was the first publicly traded company, being the first company to be listed on an official stock exchange; the Dutch helped lay the foundations of the modern practice of investment banking. Investment banking has changed over the years, beginning as a partnership firm focused on underwriting security issuance, i.e. initial public offerings and secondary market offerings and mergers and acquisitions, evolving into a "full-service" range including securities research, proprietary trading, investment management. In the 21st century, the SEC filings of the major independent investment banks such as Goldman Sachs and Morgan Stanley reflect three product segments: investment banking, asset management, trading and principal investments. In the United States, commercial banking and investment banking were separated by the Glass–Steagall Act, repealed in 1999.
The repeal led to more "universal banks" offering an greater range of services. Many large commercial banks have therefore developed investment banking divisions through acquisitions and hiring. Notable large banks with significant investment banks include JPMorgan Chase, Bank of America, Credit Suisse, Deutsche Bank, UBS, Barclays. After the financial crisis of 2007–08 and the subsequent passage of the Dodd-Frank Act of 2010, regulations have limited certain investment banking operations, notably with the Volcker Rule's restrictions on proprietary trading; the traditional service of underwriting security issues has declined as a percentage of revenue. As far back as 1960, 70% of Merrill Lynch's revenue was derived from transaction commissions while "traditional investment banking" services accounted for 5%. However, Merrill Lynch was a "retail-focused" firm with a large brokerage network. Investment banking is split into front office, middle office, back office activities. While large service investment banks offer all lines of business, both "sell side" and "buy side", smaller sell-side investment firms such as boutique investment banks and small broker-dealers focus on investment banking and sales/trading/research, respectively.
Inns issuing securities and investors buying securities. For corporations, investment bankers offer information on when and how to place their securities on the open market, an activity important to an investment bank's reputation. Therefore, investment bankers play a important role in issuing new security offerings. Front office is described as a revenue-generating role. There are two main areas within front office: investment banking and markets Investment banking involves advising organizations on mergers and acquisitions, as well as a wide array of capital raising strategies. Markets is divided into "sales and trading", "research". Corporate finance is the aspect of investment banks, which involves helping customers raise funds in capital markets and giving advice on mergers and acquisitions
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker, still one of the bankers for the Government of the United Kingdom, it is the world's eighth-oldest bank, it was owned by stockholders from its foundation in 1694 until it was nationalised in 1946. The Bank became an independent public organisation in 1998, wholly owned by the Treasury Solicitor on behalf of the government, but with independence in setting monetary policy; the Bank is one of eight banks authorised to issue banknotes in the United Kingdom, has a monopoly on the issue of banknotes in England and Wales and regulates the issue of banknotes by commercial banks in Scotland and Northern Ireland. The Bank's Monetary Policy Committee has a devolved responsibility for managing monetary policy; the Treasury has reserve powers to give orders to the committee "if they are required in the public interest and by extreme economic circumstances", but such orders must be endorsed by Parliament within 28 days.
The Bank's Financial Policy Committee held its first meeting in June 2011 as a macroprudential regulator to oversee regulation of the UK's financial sector. The Bank's headquarters have been in London's main financial district, the City of London, on Threadneedle Street, since 1734, it is sometimes known as The Old Lady of Threadneedle Street, a name taken from a satirical cartoon by James Gillray in 1797. The road junction outside is known as Bank junction; as a regulator and central bank, the Bank of England has not offered consumer banking services for many years, but it still does manage some public-facing services such as exchanging superseded bank notes. Until 2016, the bank provided personal banking services as a privilege for employees. England's crushing defeat by France, the dominant naval power, in naval engagements culminating in the 1690 Battle of Beachy Head, became the catalyst for England rebuilding itself as a global power. England had no choice. No public funds were available, the credit of William III's government was so low in London that it was impossible for it to borrow the £1,200,000 that the government wanted.
To induce subscription to the loan, the subscribers were to be incorporated by the name of the Governor and Company of the Bank of England. The Bank was given exclusive possession of the government's balances, was the only limited-liability corporation allowed to issue bank notes; the lenders would give the government cash and issue notes against the government bonds, which can be lent again. The £1.2m was raised in 12 days. As a side effect, the huge industrial effort needed, including establishing ironworks to make more nails and advances in agriculture feeding the quadrupled strength of the navy, started to transform the economy; this helped the new Kingdom of Great Britain – England and Scotland were formally united in 1707 – to become powerful. The power of the navy made Britain the dominant world power in the late 18th and early 19th centuries; the establishment of the bank was devised by Charles Montagu, 1st Earl of Halifax, in 1694. The plan of 1691, proposed by William Paterson three years before, had not been acted upon.
58 years earlier, in 1636, Financier to the king, Philip Burlamachi, had proposed the same idea in a letter addressed to Sir Francis Windebank. He proposed a loan of £1.2m to the government. The royal charter was granted on 27 July through the passage of the Tonnage Act 1694. Public finances were in such dire condition at the time that the terms of the loan were that it was to be serviced at a rate of 8% per annum, there was a service charge of £4,000 per annum for the management of the loan; the first governor was Sir John Houblon, depicted in the £50 note issued in 1994. The charter was renewed in 1742, 1764, 1781; the Bank's original home was in Walbrook, a street in the City of London, where during reconstruction in 1954 archaeologists found the remains of a Roman temple of Mithras. The Bank moved to its current location in Threadneedle Street in 1734, thereafter acquired neighbouring land to create the site necessary for erecting the Bank's original home at this location, under the direction of its chief architect Sir John Soane, between 1790 and 1827.
When the idea and reality of the national debt came about during the 18th century, this was managed by the Bank. During the American war of independence, business for the Bank was so good that George Washington remained a shareholder throughout the period. By the charter renewal in 1781 it was the bankers' bank – keeping enough gold to pay its notes on demand until 26 February 1797 when war had so diminished gold reserves that – following an invasion scare caused by the Battle of Fishguard days earlier – the government prohibited the Bank from paying out in gold by the passing of the Bank Restriction Act 1797; this prohibition lasted until 1821. The 1844 Bank Charter Act tied the issue of notes to the gold reserves and gave the Bank sol