The Global Bankers

This balanced, instructive and readable narrative both records and projects a new financial era. In worldwide perspective, Smith, who teaches finance at New York Univeristy, analyzes Japan's major investment in U.S. industry, London's huge bond market in ``Eurodollars'' free of regulation, Germany's potentially dominant role in a tariffless Europe after 1992, the massive Third World debt's impact on American bank earnings and foreign involvement in Wall Street's high-stakes mergers and acquisitions. ``The financial industry simply cannot escape the consequences of globalization,'' the author convincingly declares. Smith is particularly enlightening on the Japanese ethic and related bargaining methods in his depiction of Goldman Sachs, where he was a partner, negotiating a deal for international operations with Tokyo's Sumitomo Bank. (Oct.)