Networking in the city

Just wondering how important is networking in London as opposed to Wall Street?

It seems to me there is a big cultural difference in this respect. It seems networking is important in London but its much more of an old boys network where family knows family or you went to school. Doesnt seem like cold calling would be as accepted or effective.

Am I mistaken here?

Are there any networking success stories from the city?

Would people here who work in London be open to cold calling and is it something that happens.

Always felt there was a cultural gap in this respect and just wondering if I am mistaken.

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