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The Changing Financial Landscape

In: Understanding Alternative Investments

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  • Stephen Todd Walker

Abstract

Financial mergers happen all the time. Some companies have even created businesses out of all these financial mergers and acquisitions such as Sandler O’Neill + Partners, “a full-service investment banking firm specializing in financial services companies.”1 There is a need for such firms considering that many financial mergers do not work out too well. Many have been colossal disasters and painful, like putting a dog to sleep. US Trust’s acquisition by the discount broker, Schwab, in 2000 was doomed from the start: “The union of the two firms kicked off a clash between the populist Schwab and white-glove U.S. Trust. It also exposed long-term problems in U.S. Trust’s business, notably the outdated state of its technology and its failure to serve investors’ increasingly sophisticated demands.”2 Founded in 1853, US Trust’s clients are high net worth, white glove, and somewhat demanding clientele, which is different from low-fee, self-serve, discount-paying Schwab clients. Merging a discount brokerage with a private wealth management platform was beyond mismatched. US Trust was then sold to Bank of America which appears to have been in better match.

Suggested Citation

  • Stephen Todd Walker, 2014. "The Changing Financial Landscape," Palgrave Macmillan Books, in: Understanding Alternative Investments, chapter 4, pages 65-78, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-37019-8_5
    DOI: 10.1057/9781137370198_5
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