Dillon, Read & Co.

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Dillon, Read & Co. was a prominent American investment bank from the 1920s into the 1960s, it was purchased by Swiss Bank Corporation (SBC) in 1997 and merged with London investment bank S.G. Warburg & Co. to become Warburg Dillon Read. The merged entity in turn became part of UBS AG when the latter firm bought SBC. The Dillon Read name was dropped by 2000 but recently re-emerged in the name of a UBS division, Dillon Read Capital Management.

Dillon Reed originated in 1832 as the Wall Street brokerage firm Carpenter & Vermilye. However, it is best known for its actions during the 1920s. During that time Clarence Dillon managed the rescue of faltering Goodyear Tire & Rubber Company, engineered the buyout (in 1925) and subsequent sale of Dodge Motors (in 1928) to Chrysler, launched the first post-war closed-end investment trust (in 1924), and led the largest ever stock offering (in 1926). By the end of the decade, Dillon Reed was considered to be an investment banking powerhouse, along side J.P. Morgan and Kuhn Loeb.