ABSTRACT

The distinction between ‘London office’ and ‘head office’ always tended to be blurred because they occupied the same premises and because many important functions (such as the discounting of bills for the purposes of the bank’s liquidity), whilst generally being head office responsibilities, nevertheless involved London office in their execution. Other matters, such as maintaining current accounts and accepting fixed deposits from customers were straightforward branch banking matters which London office dealt with just as another branch of the bank. Even certain discipli­ nary matters relating to London office staff were dealt with by the Court of Directors (i.e. at head office level) and Foreign Staff trainees, techni­ cally engaged by head office, did their on-the-job training in various departments of London office.