CITY AND SUBURBAN
Bumping along the bottom of the first division, Barclays eyes the transfer list
CHRISTOPHER FILDES
Bad figures take longer to add up than good ones (Lord Lawson's Law) so we must wait until next week to hear from Bar- clays. This proud team is bumping along the bottom of the first banking division and the results will nail it down. Now the ques- tion is: will Barclays go into the transfer market, and try to raise its game by bring- ing in a star? It is unusual in this league and it used to be unheard-of — the great names would start off as bootboys and end up as player-managers but never change their club. Two years ago, when Midland looked like having to apply for re-election, Brian Pearse was imported from Barclays, where it is now evident that he left a hole in the side. More strikingly, the Halifax heading the building society league, with more good results in the bag for next month — has looked around for a succes- sor to Jim Birrell in the top spot, and found him as far away as Leeds. He is Mike Blackburn, who spoke up when Norman Lamont told the building society chiefs to be nicer to their borrowers. 'Well, Chancel- lor,' said Mr Blackburn, 'we never said that if it wasn't hurting, it wasn't working.' I look forward to hearing him in action. The position at Barclays is different again. There, a year ago, after a disappointing performance and much argy-bargy in the dressing-room, Andrew Buxton ran onto the field of play wearing two shirts. As from the start of this year, he was to fill both the number 1 and number 2 spots. Predictably or not, the results have grown worse and included several own goals. Now Mr Bux- ton has agreed to take one of his shirts off — as soon as the right man can be found to fill it. That answers one question, but raises another.
Sensitive shoulder blades
THE PLAN now is for Mr Buxton to remain chairman of Barclays but to hand over his other job as chief executive. For that there could be said to be three candi- dates at the the next level down in the group, and, though choosing one would not enthuse the others, such is life. Barclays' miseries, though, derive from bad lending, and the vacancy must be for a tough com- mercial banker of long experience to pull things together — and none of the three is exactly that. In any case, the results them- selves argue that new blood is needed. Whose, though? Some expect Mr Pearse, once passed over at Barclays in Mr Bux- ton's favour, to be called back — but why should he trade one chief executive's job for another when he is happy and effective where he is? At National Westminster, John Melbourn fits the bill. He was described by Tom Frost, Natwest's luckless chief executive, as having the most sensitive shoulder blades in the business. When Mr Frost's own shoulder blades were put to the test, Mr Melbourn might well have suc- ceeded him but for the presence of Derek Wanless, a younger man on an inside track, as Mr Buxton was. Of course, if the Bar- clays board wanted to go banco on the top- rated chief executive, they would have to go along to Lloyds and woo Brian Pitman. Since he wanted to buy Midland and still thinks there are too many banks, he could always say Yes by bidding for Barclays.
Virgin turns gamekeeper
I DO hope that British Airways will play a dirty trick on me. Virgin can play one too, if Richard Branson feels like it — that would be fine. This week's skirmish, in an increas- ingly phoney war, has been fought in Los Angeles, where a travel agent says that a university professor was told that if he switched his flight from Virgin to BA he would be upgraded to business class. Another agent tells of a dozen calls offering better seats on BA. Virgin complains of poaching, Mr Branson has set BA another of his agreeably flexible deadlines and there is more talk of dirty tricks. Nothing in these allegations, as they stand, implies that BA has done anything more than to compete for customers. This, of course, has long been regarded in the airline business as a dirty trick. The business could be an occu- pation for gentlemen so long as it was run by cartel, giving each route its own little pool of airlines (ideally, one from each end) to agree on the fares and stick to them. These cartels worked to the satisfac- tion of all except the customer — which is where Mr Branson saw his opportunity. If he has taught his competitors to compete, that is no small achievement and he must not grumble. When next I fly the Los Ange- les route I shall invite offers. Being no one's preserve, I am open to poaching.
Arnold of Runcorn
IF YOU are thinking of ringing up Run- corn railway station, don't ask for the num- ber. It's gone ex-directory. The patient peo- ple at directory inquiries tell me that this is British Rail's new policy: no numbers to be given for stations, all callers to be referred to the number for passenger train inquiries, whether they need it or not. This is the sort of bright idea that British Rail, so Keith Waterhouse tells us, gets from its brother- in-law Arnold — or from the gas boards, with their ex-directory showrooms, where the staff were safe from any tiresome calls from customers. Dear Runcorn station, if you still take deliveries of racing pigeons, I could send you one, with a message.
Passive resistance
LENT, the season of abstinence, prompts me to recognise in myself a victim of pas- sive lunching. It is an occupational hazard of City life. As I gnaw my way through my midday lettuce leaf, lubricated with Evian, the chaps at the next table are having steak and kidney pie and Pomerol, and somehow it ends up on my figure. Why doesn't Vir- ginia Bottomley do something about it? In Stockport, a breathless lady claimed to be more smoked against than smoking and picked up £15,000 by way of compensation, thus putting passive smoking on the lawyers' map. In my case, the chain of cause and effect is just as strong, and a cheque like that would pay quite a few lunch bills. Without prejudice to my claim, I mourn the passing of the City's best table for two the champagne-bar table at Corney & Bar- row, Moorgate. Corney has sold its lease, so out goes the restaurant and in comes the Halifax Building Society. What has hap- pened to our sense of priorites? Not anoth- er good word for Mike Blackburn from me until he renews the licence and opens up in the evenings.
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