Choice Cuts 12

An Old Boy At Work. Newsletter No. 30, 20th October 1972

"The Gnome of Zurich in Luxembourg"

This month's issue is dedicated to one of the longer standing Old Boys in our midst, who has kindly given us an insight to his job together with a few hints on how to make money for your bank!!! His service to the Rugby Club in past seasons has been invaluable and his yard of ale drinking, ten pence blind calls and hairy chest are part of Old Boys' history.

Dave Thursfield, who else could it be, left the School in 1962 venturing into the wide world of money and more money with First National City Bank. Six years of tea making and getting mid morning sandwiches for the boss, soon paid off for in 1968, with his silver spoon, he joined the Foreign Exchange dealing room where he acquired the art of "buying and selling" money in the European market.

Up until February of this year he travelled and worked in Zurich, and parts of Germany gaining knowledge from both sides of the fence as it were. In February he left F.N.C.B. and now resides in Luxembourg working for Western American Bank (Luxembourg) a 100% owned subsidiary of W.A.B. (Europe) Ltd. London. His basic job, though it doesn't sound that basic, is the covering of medium term loans bought from the London office or other associate banks. The loans are made to "customers" all over the world, mainly to American Corporations via finance officers in the Bahamas or The Netherlands. This transaction is necessary as American Companies are not allowed to borrow directly in the European Market.

The way in which cover is found for these loans is by borrowing currencies from other Banks around the World. Dave has for obvious reasons, to carry this out in the cheapest way possible which may involve borrowing Swiss francs or Deutsche Marks and switching them into dollars, the currency the loans are made in. He has to judge on when to borrow for the full period of the loan e.g. to cover day by day for two weeks, anticipating the rates coming down or vice versa. This anticipating of movements in rates is an essential requirement to his job, for he has to protect his Bank's position as well as his customers and at the time when we're reading how Spurs or Chelsea got on, Dave and his colleagues are busy dissecting financial papers and magazines for information.

I think we will all agree that the next aspect of the job, another essential he tells me, must have attracted Dave more than anything else.

"A lot of discussion is carried out with other dealers around the World and it is this personal aspect which prompts dealers to do a lot of entertaining and travel!".

Since joining W.A.B. he has worked in Germany, The Netherlands, Belgium, Switzerland and finally to Luxembourg where he is "assigned" at present. In a network of over fifty foreign Banks mainly with the same operation there seems to be a code of alliance for whether they be French, German or English dealers, they are all willing to discuss work, rest and play with each other. Lucky he got C.S. E. French wasn't it eh? Quite a family atmosphere!

Well I hope I have given a fair idea of what his job involves and believe me trying to put it into layman's terms took some doing. If any of the Old Boys are contemplating a visit to that part of Europe just let me know and I will tell Dave cos he's got two spare beds, beaucoup des oiseaux and promises a great social life.

K.R.W.

If anyone else would like to divulge his interesting or unusual career Keith would be pleased to hear from him.