Mike Jackson's lather has lost 'a very large sum of money' and Mike now can't go to Cambridge. So Mike goes into the New Asiatic Bank in the City. Psmith's rich and eccentric lather thinks that Psmith should go into commerce, so Psmith turns up at the bank too.

Psmith has a comfortable flat in Clement's Inn to which Mike goes to live. Psmith belongs to the same club, the Senior Conservatives, as Mr Bickersdyke, crusty manager of the New Asiatic Bank, who is also running for Parliament for the Conservatives. Psmith decides to harass Bickersdyke and discovers that he had once been a rabid Socialist.

Mike is paid £4 10s a month. He and Psmith are both bored by the bank. They 'bunk' it together on the same day, Mike because he gets a sudden call to play for his county at Lord's (he makes 148), Psmith to go and watch. They are both sacked, joyfully, by Mr Bickersdyke.

Now Psmith's lather wants him to go to Cambridge and read Law. And he offers Mike a future agency of his estates, after three or four years at Cambridge which Mr Smith will finance. (Mike's brother Joe, an All England batsman, is already the agent of a sporting baronet, keen on cricket.)

A good worm's eye view of City life in banking, and some amusing excursions into politics and political meetings where you can 'rag' by heckling.

Source: Richard Usborne. Plum Sauce. A P G Wodehouse Companion.