Comeback: The Restoration of American Banking Power in the New World Economy - Hardcover

Smith, Roy C.

9780875843261: Comeback: The Restoration of American Banking Power in the New World Economy

Hardcover

ISBN 10: 0875843263 ISBN 13: 9780875843261

Publisher: Harvard Business School Pr, 1993

The 1980s were grim years in American banking. Massive loan losses, disintermediation, global competition, and management mistakes caused many failures, forced restructuring, and did enormous damage to the power and prestige of the country's largest banks, which fell far behind their international rivals in world rankings. Yet, today, American banking institutions are back on top, leading the world in transaction volume, innovation, and in the reach of their services. In this timely book, former investment banker Roy C. Smith tells the story of this remarkable "comeback," by analyzing changes and competitive developments in U.S. finance during the past several years and comparing these to events in Europe and Japan.
Looking across the banking and securities industries on three continents, Smith demonstrates how the basis of banking competitiveness is changing, from the size of assets and stability of systems protected by regulation to market know-how, innovation, and technology.
European banks, he shows, are in the early stages of a free-market renaissance for which many are competitively ill-prepared. Even for the powerful German banks, events in Eastern Europe and East Germany will continue to be a troublesome distraction. In Japan, banks and brokers have been weakened by losses and scandal and now face major regulatory changes that will disrupt their once safe and profitable franchises. With the tide turning, Smith argues, the U.S. survivors of the restructurings of the 1980s will spearhead a recovery of American financial power. To do so, U.S. banking and finance will necessarily split into two distinct parts: large, technologically advanced retail companies and market-oriented investment bankers and wholesalers.

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About the Author:

Since 1984, Harvard Business School Press has been dedicated to publishing the most contemporary management thinking, written by authors and practitioners who are leading the way. Whether readers are seeking big-picture strategic thinking or tactical problem solving, advice in managing global corporations or for developing personal careers, HBS Press helps fuel the fire of innovative thought. HBS Press has earned a reputation as the springboard of thought for both established and emerging business leaders.

From Library Journal:

Smith ( The Money Wars , LJ 10/15/90, and The Global Bankers , LJ 9/1/89) believes that in the new world economy of the 1990s we will see the emergence of old financial institutions that have slimmed down, restructured, consolidated, and positioned themselves to offer a variety of financial services (banking, brokerage, insurance, etc.). In the forefront will be American banks. Smith looks at the U.S., European, and Japanese financial systems at length, reviewing the past, reflecting on the present, and speculating on the future of each. His conclusion: the United States will move ahead of other countries and a revival of U.S. banking and finance will not only spearhead a recovery of American financial power but also present enormous opportunities globally. Smith demonstrates that he's given much thought to his topic; only time will tell whether he is correct. Suitable for most business collections.
- Richard Drezen, Merrill Lynch Lib., New York
Copyright 1993 Reed Business Information, Inc.

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