The banking crisis of 1920-21 forced a house-cleaning on the part of the National City Bank of New York, and a rethinking of its strategies for internationalization. A new executive, Charles E. Mitchell, was appointed, and a new group of managers, including Joseph H. Durrell, were hired. Mitchell and Durrell came to define the City Bank’s history during the 1920s with Durrell becoming central to the bank’s foreign operations. While under Mitchell, the National City Company became and increasingly critical for the bank’s domestic profits, especially through the marketing of securities and bonds, under Durrell the foreign branch network was pared back and a strategy of savings and thrift became key to the City Bank’s imperial operations. At first, such a shift proved profitable. However, by the end of the decade the Caribbean’s ongoing economic malaise sounded warning signs within the bank concerning the sustainability of imperial banking. There were also increasing protest from Caribbean citizens against the dominant presence of foreign banks and the practices of US imperialism. Based on the previously-unused private papers of Durrell, this chapter recounts the history of the City Bank’s shifts in imperial policy in the Caribbean and the beginnings of Caribbean anti-banking protest.
Chicago Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.
If you think you should have access to this title, please contact your librarian.
To troubleshoot, please check our FAQs, and if you can't find the answer there, please contact us.