WALL STREET PLUGS INTO LONDON
The US investment banks have remained remarkably cool throughout the City revolution. While clearing banks, merchant banks and foreign banks scrambled to buy up brokers and jobbers, the elite of Wall Street held back from the fray. Only Shearson Lehman Brothers bought into a major firm, the broker L. Messel. And when, in March 1986, foreign institutions were permitted for the first time to join the stock exchange, only Merrill Lynch, alongside Nomura, came forward.
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