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Origins of Morgan’s Transformation

In: JPMorgan’s Fall and Revival

Author

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  • Nicholas P. Sargen

    (Nicholas Sargen Advisory LLC)

Abstract

Lew Preston realized early on that Morgan had to be transformed so it could compete not only with money center banks and foreign banks but also with investment banks. The big unknown was how Morgan could break into the investment banking and securities world when Glass-Steagall barriers stood in the way. The bank wound up using its securities unit in London, Morgan Guaranty Ltd., as the launch pad. Preston also had to assess how the competitive landscape in financial services was changing. The period from 1979 to 1994 has been called the most turbulent in US banking history since the Great Depression: The number of US banks consolidated steadily as smaller banks and thrifts had difficulty navigating swings in interest rates, and restrictions on interstate banking were alleviated. One event that helped to convince Morgan’s management to continue its quest was the collapse of Continental Bank in 1984.

Suggested Citation

  • Nicholas P. Sargen, 2020. "Origins of Morgan’s Transformation," Springer Books, in: JPMorgan’s Fall and Revival, chapter 7, pages 59-71, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-47058-6_7
    DOI: 10.1007/978-3-030-47058-6_7
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