Party hire for merchant banks (6)
I believe the answer is:
reform
'party' is the definition.
Although both the answer and definition are singular nouns, I cannot see how they can define each other.
'hire for merchant banks' is the wordplay.
'banks' says the answer is hidden in the clue (the clue contains or banks the answer).
'REFORM' is hidden within 'hire for merchant'.
Can you help me to learn more?
(Other definitions for reform that I've seen before include "Correct(ion of) abuses" , "Show improvement" , "Change one's ways (for the better?)" , "Mend one's ways" , "Go straight" .)