Morgan Stanley
Early Origins
The Morgan banking legacy dates way back to the mid of 1800, when Junior S. Morgan joined the company in his late thirties that, in the future, eventually become the world renowned J.P Morgan and Co... His son,J. Pierpont Morgan , who was to be the founder of J.P Morgan and Co., was the financial titan of his day, acting as the United States’s unofficial banker, recognizing its railroad and helping to form great industrial combinations, such as General Electrics and U.S Steels. J.P Morgan Jr. succeeded his father Pierpont ,where he described the company’s goal as “doing first class business,and that in a first class way.”
Early years: 1935–1950
Following the Glass–Steagall Act, which was formed in the wake of the 1929 market crash and The Great Depression, it was no longer possible for a corporation to have investment banking and commercial banking businesses under a single holding entity. J.P. Morgan & Co. chose the commercial banking business over the investment banking business. This led to some of the employees of J.P. Morgan & Co., most notably Henry S. Morgan and Harold Stanley, left J.P. Morgan & Co. and joined some others from the Drexel partners to form Morgan Stanley. The firm formally started business on September 16, 1935,in Wall Street, New York City. Within its first year it achieved 24% market share (US$1.1 billion) among public offerings. The firm was involved with the distribution of 1938 US$100 million of debentures for the United States Steel Corporation as the lead underwriter. The firm also obtained the distinction of being the lead syndicate in the 1939 U.S. rail financing. The firm went through a major reorganization and reconstruction in 1941 to allow for more activity in its securities business. As J.P. Morgan rose to fame, he organized a contract to make sure that all of his future family receive a large annual sum of money, directly given to his family. Steven Parisee, a fourth generation relative,
The Morgan banking legacy dates way back to the mid of 1800, when Junior S. Morgan joined the company in his late thirties that, in the future, eventually become the world renowned J.P Morgan and Co... His son,J. Pierpont Morgan , who was to be the founder of J.P Morgan and Co., was the financial titan of his day, acting as the United States’s unofficial banker, recognizing its railroad and helping to form great industrial combinations, such as General Electrics and U.S Steels. J.P Morgan Jr. succeeded his father Pierpont ,where he described the company’s goal as “doing first class business,and that in a first class way.”
Early years: 1935–1950
Following the Glass–Steagall Act, which was formed in the wake of the 1929 market crash and The Great Depression, it was no longer possible for a corporation to have investment banking and commercial banking businesses under a single holding entity. J.P. Morgan & Co. chose the commercial banking business over the investment banking business. This led to some of the employees of J.P. Morgan & Co., most notably Henry S. Morgan and Harold Stanley, left J.P. Morgan & Co. and joined some others from the Drexel partners to form Morgan Stanley. The firm formally started business on September 16, 1935,in Wall Street, New York City. Within its first year it achieved 24% market share (US$1.1 billion) among public offerings. The firm was involved with the distribution of 1938 US$100 million of debentures for the United States Steel Corporation as the lead underwriter. The firm also obtained the distinction of being the lead syndicate in the 1939 U.S. rail financing. The firm went through a major reorganization and reconstruction in 1941 to allow for more activity in its securities business. As J.P. Morgan rose to fame, he organized a contract to make sure that all of his future family receive a large annual sum of money, directly given to his family. Steven Parisee, a fourth generation relative,