[1] Slater Walker then changed strategy, from a corporate-conglomerate into what eventually was recognised as an unauthorised and unlicensed international investment bank, through gradual disposal of its industrial interests.
[citation needed] At its peak, capitalized at over £200 million, the company held deposits totalling £95m, managed £250m of funds and looked after 29,000 pensions.
[citation needed] In addition, an ill-timed attempt to take over Hill Samuel resulted in the loss of city confidence in Slater Walker.
[6] Following the takeover of the company by the Bank of England in 1976, James Goldsmith replaced Slater which caused consternation in the UK government, where the new boss was regarded with as much suspicion as the old:[1] 'I am surprised to see Mr Goldsmith appointed chief executive,’ wrote one civil servant.
[8] Jim Slater became for a time a "minus millionaire" while Peter Walker's political career survived.