Bank That Lived a Little

'A brilliantly readable account, based on exceptional access, of thetransformation of the old Quaker bank into a hard-charging capitalistadventurer ... both a thriller and a reminder that business isfascinating because all human life is there' John Plender, Financial Times

Based on unparalleled access to those involved, and told with compelling pace and drama, The Bank that Lived a Little describesthree decades of boardroom intrigue at one of Britain's biggestfinancial institutions. In a tale of feuds, grandiose dreams and astruggle for supremacy between rival strategies and their adherents,Philip Augar gives a riveting account of Barclays' journey from an oldQuaker bank to a full-throttle capitalist machine. The disagreementbetween those ambitious for Barclays to join the top table of globalbanks, and those preferring a smaller domestic role more in keeping withthe bank's traditions, cost three chief executives their jobs andcontinues to divide opinion within Barclays, the City and beyond.

Thisis an extraordinary corporate thriller, which among much else describeshow Barclays came to buy Lehman Brothers for a bargain price in 2008,why it was so keen to avoid taking government funding during thefinancial crisis, and the price shareholders have paid for a decade ofbarely controlled ambition. But Augar also shows how Barclays'experiences are a paradigm for Britain's social and economic life overthirty years, which saw the City move from the edge of the economy toits very centre. These decades created unprecedented prosperity for atiny number, and made the reputations of governments and individuals butthen left many of them in tatters.

The leveraged society, thewinner-takes-all mentality and our present era of austerity can all betraced to the influence of banks such as Barclays. Augar's book tellsthis rollercoaster story from the perspective of many of itsparticipants - and also of those affected by the grip they came to haveon Britain.

Reviews

Once you start reading Philip Augar's well-researched book, you are captivated. ... What makes The Bank That Lived a Little a must-read is the way in which, in its pages, Barclays comes to embody all that has been, and possibly still is, wrong with the entire banking sector.