A Chance Encounter
While Morgan confronted strategic challenges, they were not readily apparent to me while I headed investments for Prudential Insurance’s global bond and currency unit from 1991 to 1994. International bond and currency markets were subject to massive swing
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Changed America’s Premier Bank
AND REVIVAL
JPMorgan’s Fall and Revival
Nicholas P. Sargen
JPMorgan’s Fall and Revival How the Wave of Consolidation Changed America’s Premier Bank
Nicholas P. Sargen Nicholas Sargen Advisory LLC Keswick, VA, USA
ISBN 978-3-030-47057-9 ISBN 978-3-030-47058-6 (eBook) https://doi.org/10.1007/978-3-030-47058-6 © The Editor(s) (if applicable) and The Author(s), under exclusive licence to Springer Nature Switzerland AG 2020 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland AG. The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Preface
This book is the untold story of how an iconic firm, JPMorgan, battled market forces to preserve its heritage, lost when it was acquired by a rival and then re-emerged as a financial powerhouse. It picks up where Ron Chernow’s classic leaves off with Morgan as the pre-eminent bank of the twentieth century.1 This book depicts the challenges its leaders—Lew Preston and Dennis Weatherstone—confronted when Morgan’s business model was disrupted in the early 1980s by the developing country debt crisis and premier corporate borrowers increasingly accessing capital markets. As Morgan navigated around Glass-Steagall barriers to enter new lines of business, Preston and Weatherstone sought to ensure Morgan would remain a leading wholesale bank serving multinational corporations. Opportunities to grow through acquisition were presented and considered, including purchasing a stake in Citibank in the early 1990s. However, they were reluctant to integrate areas unfamiliar to Morgan such as retail banking or to assimilate cultures that were disparate from the firm’s. In doing so, they defied all odds by developing Morgan’s capabilities organically, whereas riv
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