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The Merchant Bankers: A Fascinating, Candid Chronicle of the Great Financial Families of the World
A Fascinating, Candid Chronicle of the Great Financial Families of the World.
286 pages, Mass Market Paperback
First published January 1, 1966
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September 18, 2010A must read to fundamentally comprehend the economic brains behind world economy. Who rules?
December 24, 2017
Originally published in 1966, this is now a history book some 50 years later, rather than the contemporary analysis it was originally. As someone who has worked in banking for 30 years in banking, this provides some great background to the trends that had become apparent by the time I started working. It also shows that the ethos has changed significantly in that time.
August 14, 2010
If you feel, as I do, that Capitalism is the current best hope for mankind then you will find this book essential reading. Who are the truly great families of the modern age?
Wechsberg provides a very good look into the world of both those who founded the "Great Houses" such as Mayer Amschel Rothschild, Francis Baring, and those who grew them into historic enterprises. These families would raise and sustain fortunes capable of funding wars and -at times- underwriting the governments of almost every Western nation.
Read this book.
Wechsberg provides a very good look into the world of both those who founded the "Great Houses" such as Mayer Amschel Rothschild, Francis Baring, and those who grew them into historic enterprises. These families would raise and sustain fortunes capable of funding wars and -at times- underwriting the governments of almost every Western nation.
Read this book.
January 6, 2025
An interesting look into the history of Europe through the lens of merchant banking dynasties. Wecsberg does a good job balancing the depth of individuals, technical nature of banking and interesting anecdotes into a helpful and thought provoking read.
A few observations which stood out to me -
First is the intense nature of lending during the 18th and 19th century which often required selecting different nations as they embarked on either war campaigns or merger of smaller nation stakes with the downsides often wiping out bond holders. Second the nature of the banks were largely family run and dynasties which today would be labeled nepotism and never allowed to happen despite a track record often measured in centuries. Furthermore, the rise and fall of the great banks often mirrored the countries they operated in with the most profiling being American growth taking off following a depleted European state. Finally the evergreen nature of business is apparent here, many of the quotations and advice is nearly indistinguishable from what you might hear today.
A few observations which stood out to me -
First is the intense nature of lending during the 18th and 19th century which often required selecting different nations as they embarked on either war campaigns or merger of smaller nation stakes with the downsides often wiping out bond holders. Second the nature of the banks were largely family run and dynasties which today would be labeled nepotism and never allowed to happen despite a track record often measured in centuries. Furthermore, the rise and fall of the great banks often mirrored the countries they operated in with the most profiling being American growth taking off following a depleted European state. Finally the evergreen nature of business is apparent here, many of the quotations and advice is nearly indistinguishable from what you might hear today.
July 21, 2025
Written in 1966, this book lifted the veil on the secretive merchant (aka investment) bankers. For seven prominent firms, Wechsberg gives us a short history of their rise to prominence, visits their main office and has a chat with their managing partner.
The book has not aged well.
Essentially all of these legendary firms were bulldozed by American competition over the next twenty years and the book is so vague about how they actually function and what they do well that one really can't identify what went wrong.
The book is well-written, but inevitably compromises were made to gain access and the book is no longer useful.
The book has not aged well.
Essentially all of these legendary firms were bulldozed by American competition over the next twenty years and the book is so vague about how they actually function and what they do well that one really can't identify what went wrong.
The book is well-written, but inevitably compromises were made to gain access and the book is no longer useful.
August 11, 2018
Must have been a great read in 1965. I enjoyed it from a bank history perspective in 2018. Not sure many are still around (Lehman Brothers rip, Barings now part of MassMutual, Warburg part of UBS, Hambros bought by Societe Generale, BCI now with Intesa Sanpaolo, and Deutsche Bank is TBD) maybe just the Rothchilds are still standing. Well written and likely some rare interviews by these 1960s bankers with the author.
August 4, 2025
A contemporaneously dry history of the merchant banks and their evolution out of the wild west into the commercial and investment banks of today. Captures the romance of the City statesman-banker, close enough to the era for a first-hand account, but does not neglect discussing the new age of finance.
August 21, 2021
A brief history of the great merchant bank of Europe and America. It is an easy read, some banking families are covered in-depth others in passing. Makes a god quick overview on how banking pervades trade.
September 27, 2025
The Merchant Bankers: Great Financial Families, Joseph Wechsberg, 1966, 286 pages.
Lauds wealthy families for being wealthy families. Admits they're secretive, so we know little about them.
Lauds wealthy families for being wealthy families. Admits they're secretive, so we know little about them.
February 20, 2024
Joseph Wechsberg's "The Merchant Bankers" offers a comprehensive examination of the influential world of merchant banking, delving into its historical evolution, practices, and notable figures. Originally published in 1966, Wechsberg's work remains a seminal contribution to the understanding of financial institutions and their role in shaping economies.
Wechsberg meticulously traces the origins of merchant banking from its roots in Renaissance Italy to its flourishing prominence in modern global finance. Through vivid narrative and thorough research, he elucidates the intricate mechanisms of merchant banking, elucidating the symbiotic relationship between financiers and entrepreneurs, and the pivotal role these institutions play in facilitating economic growth.
One of the book's strengths lies in its exploration of the personalities that defined merchant banking. Wechsberg offers insightful portraits of titans such as the Rothschilds and the Barings, providing readers with a nuanced understanding of their strategies, ambitions, and legacies. These biographical sketches not only humanize the narrative but also illuminate the complex interplay of power, ambition, and financial acumen that characterizes the world of merchant banking.
Moreover, Wechsberg's analysis extends beyond mere historical documentation, offering incisive commentary on the contemporary relevance of merchant banking. By examining the challenges and transformations facing the industry in the mid-20th century, he provides valuable insights into the enduring principles and evolving dynamics of finance.
While Wechsberg's prose is engaging and accessible, the book's academic merit is enhanced by its rigorous research and meticulous attention to detail. Drawing on a wealth of primary sources and scholarly literature, he presents a nuanced and authoritative account that will resonate with both scholars and practitioners in finance and economics.
However, it is essential to acknowledge the limitations of Wechsberg's work, particularly its historical scope. Published in 1966, "The Merchant Bankers" predates significant developments in global finance, such as the rise of investment banking and the proliferation of complex financial instruments. As such, readers seeking a comprehensive understanding of contemporary finance may find the book somewhat outdated.
Joseph Wechsberg's "The Merchant Bankers" stands as a seminal work in the study of merchant banking, offering a compelling blend of historical narrative, biographical insight, and analytical rigor. While not without its limitations, the book remains essential reading for anyone interested in the history and dynamics of financial institutions.
GPT
Wechsberg meticulously traces the origins of merchant banking from its roots in Renaissance Italy to its flourishing prominence in modern global finance. Through vivid narrative and thorough research, he elucidates the intricate mechanisms of merchant banking, elucidating the symbiotic relationship between financiers and entrepreneurs, and the pivotal role these institutions play in facilitating economic growth.
One of the book's strengths lies in its exploration of the personalities that defined merchant banking. Wechsberg offers insightful portraits of titans such as the Rothschilds and the Barings, providing readers with a nuanced understanding of their strategies, ambitions, and legacies. These biographical sketches not only humanize the narrative but also illuminate the complex interplay of power, ambition, and financial acumen that characterizes the world of merchant banking.
Moreover, Wechsberg's analysis extends beyond mere historical documentation, offering incisive commentary on the contemporary relevance of merchant banking. By examining the challenges and transformations facing the industry in the mid-20th century, he provides valuable insights into the enduring principles and evolving dynamics of finance.
While Wechsberg's prose is engaging and accessible, the book's academic merit is enhanced by its rigorous research and meticulous attention to detail. Drawing on a wealth of primary sources and scholarly literature, he presents a nuanced and authoritative account that will resonate with both scholars and practitioners in finance and economics.
However, it is essential to acknowledge the limitations of Wechsberg's work, particularly its historical scope. Published in 1966, "The Merchant Bankers" predates significant developments in global finance, such as the rise of investment banking and the proliferation of complex financial instruments. As such, readers seeking a comprehensive understanding of contemporary finance may find the book somewhat outdated.
Joseph Wechsberg's "The Merchant Bankers" stands as a seminal work in the study of merchant banking, offering a compelling blend of historical narrative, biographical insight, and analytical rigor. While not without its limitations, the book remains essential reading for anyone interested in the history and dynamics of financial institutions.
GPT
September 23, 2016
The Merchant Bankers is an interesting study of the history and successes of banking with the biographies of its leading practitioners and their families. The author does an excellent job of research and was afforded the opportunity to conduct fascinating interviews with a number of leading members of merchant banking during the books development. The reader is given a glimpse of the make-up of the early titans who not only often possessed a love for the arts but also shared a penchant for conducting business in a somewhat unorthodox manner. All insisted that nothing was to be done that could possibly tarnish the integrity of their firm and all possessed a mastery in the art of assessing risk. The book did not stress the issue but it was apparent to me how risk assessment must have been critical to those Jewish financiers who fled Germany in the late 1930s. Those that misread the risk stayed and paid the price. A most interesting feature of the book is the chapter dealing with the Lehman brothers as it extols the success of Lehman. The book of course was written well before that firms bankruptcy so the reader gets to appreciate how times can change. All in all a good read. Tom-BEBC
January 7, 2015
informative book on the history of merchant banking, investment banking & the City of London financial district.
Displaying 1 - 12 of 12 reviews