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David William Witts wins Lombard Prize

MSc Finance (Finance and Investment) alumnus David William Witts has won the Worshipful Company of International Bankers (WCIB) Lombard Prize 2020.

Since 2009, the Lombard Prize has been open to students who have won a WCIB prize at business schools for their academic work which typically relates to the city, international banking or an aspect of finance.

David’s dissertation, analysing the effect of the online community Wall Street Bets on the financial markets, won him the initial WCIB prize of a certificate of merit and £300.

For the Lombard Prize, students then had to submit an executive summary of their work or dissertation and give an oral presentation on two questions:

  1. What do you consider the long-term impact on the City of London due to Covid-19 and the lockdown? Who will be the winners and losers?
  2. The motto of the London Stock Exchange is “My word is my bond”. Is this applicable to the whole of the City of London and how is it reconciled with the post truth world?

In 'normal' times, WCIB would invite David to an annual dinner at either the Guildhall or The Mansion House to receive an engraved silver Armada Dish and a certificate and the opportunity to network with members. The organisation still aims to invite David when they can run such events again. In the meantime, David has been given a £1,500 cheque and honorary membership of the organisation for one year.

David said: “Thank you to everyone who supported me. A truly challenging year, personally and academically. Thank you to the Worshipful Company of International Bankers for this opportunity. The competition questions were thought-provoking, and I greatly enjoyed the process.

Thank you to the staff and faculty at Durham University, and a specific thank you to my supervisor Emili Tortosa-Ausina. My research topic was certainly unique, and your faith in me, alongside your support allowed me to achieve this.

In addition, the Python for Finance course created by my friend David Woroniuk at Durham University Business School proved invaluable during my research.”

The runner up of the Prize was Chloe Salehnejad from University College London Institute of Finance and Technology.

For more details, please click here.