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Time to Say Goodbye

In: JPMorgan’s Fall and Revival

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  • Nicholas P. Sargen

    (Nicholas Sargen Advisory LLC)

Abstract

As 1983 unfolded, Morgan’s management formulated a strategy called “managed lensing” that would guide bank lending to the LDC borrowers for the remainder of the decade. It favored a case-by-case approach to deal with problem countries rather than a formulaic solution that would apply to all countries. Morgan’s International Economic Department was responsible for projecting the funding requirements for the respective borrowers, and it helped map out the strategy of managed lending. Morgan also formed a partnership with Deutsche Bank to ensure that money center banks and regional banks would roll over exiting obligations of indebted countries and assign pro-rata shares for new money. When I left Morgan to join Salomon Brothers at the start of 1984, Morgan had weathered the storm better than its rivals partly because it was better capitalized.

Suggested Citation

  • Nicholas P. Sargen, 2020. "Time to Say Goodbye," Springer Books, in: JPMorgan’s Fall and Revival, chapter 6, pages 49-55, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-47058-6_6
    DOI: 10.1007/978-3-030-47058-6_6
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