This is not so much a biography as a history of and homage to the men who built not only one of the major global financial institutions of our time, but also one that was a leader in virtually every area of its endeavour.
This is followed by a damning indictment of the chief executive who came after these men, whose actions, in the view of the author, resulted in the failure of the firm. It closes with a gentle thank you to the last chief executive, who had the responsibility of trying to rescue the remains, but eventually had to sell to Bank of America.
The book tells of the strengths and foibles of these men, their ambitions, struggles and achievements.
It not only chronicles the expansion of the firm from its formation in 1914 as a corporate finance house to becoming a global provider of investment banking, asset management, securities trading and wealth management. It also provides an interesting insight into the evolution of the securities industry throughout the 20th century and of the people who drove much of this change.
The author writes, not as a student of economic history, but as an ex-insider of the firm. One who personally met, socialised or worked for every one of the 12 chief executives with the exception of the last. Indeed his own father, Winthrop Smith, was a founding partner and the second chief executive. The author rose to the position of chairman of the international division and sat on the firm’s executive committee.
The book is a very personal rendition of the facts (as he saw them), often wearing his heart on his sleeve. Never more so than when describing the commitment of his colleagues to the success and development of the firm, their total dedication to “Mother Merrill” and to the principles by which the firm was guided.
These principles, developed by the firm’s founder, Charlie Merrill, were not only central to the ethos of the firm but are at the core of the book. These principles were client focus, respect for the individual, teamwork, responsible citizenship, and integrity. A remarkable list given the time and environment in which they were produced but also one to which many firms aspire today.
The penultimate chapter is about the rise and fall of the eleventh chief executive. The author accuses him of many faults, not least of which was turning his back on the firm’s principles.
The final chapter summarises the efforts of the last chief executive to turn around the sinking ship during an ever-worsening economic environment and the bringing to a close 94 years of outstanding success.
Well worth a read, particularly for anyone who is or is aspiring to be a chief executive.
Published by John Wiley & Sons
Tony Vine-Lott FCISI, FCIM
