List of investment bankers
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[edit] Leading Investment Bankers 1900-1950
(In earlier years of Wall Street (1800-1935), commercial banks as JP Morgan functioned then as Investment Bankers; but, after Glass Steagall Act (c. 1933) this function was required to be split off from those commercial banks ; then this requirement blurred in 1980's to the present, as commercial banks again sought and obtained permission to enter arena of Wall Street business.)
- George Walker Brown Bros Harriman CEO c. 1930-1950
- JP Morgan Morgan Guaranty founder, CEO c. 1890-1920
- Clarence Dillon Dillon Read & Co founder, CEO c. 1920-1960
- C.Douglas Dillon Dillon Read & Co CEO, Chairman c. 1960-1985
(see below also the CEO listing which shows many firms founding partners in this period)
[edit] Investment Banking Firms CEOs-Chief Executive Officers)
(Mainly USA with few International Firms)
[edit] 1850-Present
Firm CEO Years
- Allen & Co
- AG Becker Daniel Good 1982-1984
- Bache
**Jules Bach 1880-1900
...
**Hardwick 'Wick'Simmons ?1990-present
(bought by Prudential Ins in 1981)
- Baring Bros
**Maurice Baring
London (?1830-2003) (circa ? 2003 bought by ING who sold it in 2004 to ABN Amro)
- Bear Stearns
**Sy Lewis ?1960-?1975 **Ace Greenberg 1975-1988 **James Coyne 1988-Present
- Blyth & Co
**Frank Mansell 1965-1972
(merged with Eastman Dillon)
- Blyth Eastman Dillon
(Blyth & Co merged with Eastman Dillon circa 1970) (1st bought by Ins Co-ING then sold to Paine Webber)
**Bill Boothy 1972-1979
**Al Shoemaker 1979-1981
**Don Maron 1981-1985
- Dillon Read ... ?
**Clarence Dillon 1930-1960
**C. Douglas Dillon ?1950-?1960
** ...
**Nick Brady 1980-1988
** ...
**Markus Granziol ? 2002-present
(bought by UBS Warberg, now Dillon Read Warburg UBS)
- DLJ
**Alan Wheat 1980-1985
(Donaldson Lufkin Jenerette) (bought by Equitable Life then bought by 1st Boston)
- Drexel Burhnam Lambert
(leading firm that went out of business
1990 due to financing squeeze)
**Fred Joseph CEO 1985-1988
**Michael Milken evp 1980-1988
- Eastman Dillon
(merged with Blyth & Co merging aggressive deal makers with 'blue blood' firm)
- AG Edwards
- First Boston
(FOB-First of Boston (Bank) spinoff ? 1930's) (bought by Credit Suisse becoming CS First Boston)
**Al Shoemaker 1981-1985
**John Hennessey 1985-1996
**Alan Wheat 1996-2001
** ...
**John Mack 2001-2004
**Brady W Dougan 2004-2007
**Paul Lallelo 2007-present
- Goldman Sachs
**Marcus Goldman 1869
**Samuel Sachs 1904-1929
**Sidney Weinberg 1930-1969
**Gustave "Gus" Levy 1969-1976
**John Whitehead 1976-1984
**John Weinberg 1976-1990
Co-Senior Partners: 1976-1984
**Robert Rubin 1990-1992
**Steve Friedman 1990-1994
Co-Senior Partners: 1990-1992
**Jon Corzine 1994-1999
**Hank Paulson 1998-2006
**Lloyd C. Blankfein 2006-
- EF Hutton
**John Shad ?1960-?1970
(bought by Shearson 1987 which had earlier in 1981 been bought by American Express; later Lehman Bros (already merged with Kuhn Loeb) was added and all spun off 1994)
- Kidder Peabody
**Mike Carpenter 1994-1997
(bought by GE/GE Capital then sold to Paine Webber)
- Kuhn Loeb
(merged with Lehman Bros > Lehman Bros Kuhn Loeb then just Lehman Bros)
**founder Solomon Loeb ?1860-1875
**founder Abraham Kuhn ?1860-1875
** Jacob Schiff* 1875-?1910
*son in law of Loeb
** ...
**Lewis Glucksman 1973-1977
**Pete Peterson 1977-1984
- Lazard Frere Alexandre Weill 1880-
David David-Weill 1932-
Andre Meyer 1950-
Michel David-Weil 1985-2004
*Felix Rohatyn
Bruce Wasserstein 2004-Present
*Wasserstein takes Lazard public (LAZ)
- Lehman Bros founder Emanuel Lehman ?1850-?1890
founder Mayer Lehman ?1850-?1890
...
Bobby Lehman ?1900-?1930
...
Pete Peterson 1973-1977-1984
Lewis Glucksman 1983-?1985
...
Richard Fuld 1990-Present
Bradley Jack 2000-Present
(merged with Kuhn Loeb 1977) (merged with Am Express ? c. 1992)
- Merril Lynch Don Reagan 1975-1982
... 1982-1988
Daniel Tulley 1988-1992
David Komansky 1992-2002
Stan O'Neal 2002-Present
- Morgan Stanley ...
Henry Davidson ?1930-1940
...
Richard Fisher 1980-1988
E Parker Gilbert 1988-1992
John Mack 1992-1997
Phil Purcel 1997-June 2005
John Mack 6/30/05-Future
- Paine Webber Don Maron 1970-1981
- Blyth Paine Webber Don Maron 1981-1990
- UBS Paine Webber Don Maron 1990-2002
- UBS Paine Webber Joseph Granno 2002-Present
- UBS Warburg John de Costas 1990-Present
- See Dillon Read above
(Paine Webber bought Blyth Eastmen then was later bought by UBS) (Warburg was bought by USB or predecessor SBC & UBS later bought Dillon Read)
- Perella Weinberg Partners
(former June 2006) Joe Perella & Peter Weinberg - Sr Partners
- Prudential Securities Hardwick "Wick' Simmons 1990-present
(Prudential Ins Co bought Bache 1981)
- Rothschild Evelyn Rothschild 1980-? Present
- Salomon Bros Billy Salomon 1970-1982
Harry Brown (Chicago) 1970-1982
John Gutfruend 1982-1991
Warren Buffet 1991-1992
Deryck Maughn 1992-1997
Mike Carpenter 1997-2003
(Salomon Bros was bought by Public Co - Phillips Bros , or Phibro in 1982 thereby becoming a public company)
- Schroeder Bud Morten 1988-present
- Shearson Haydon Stone Sandy Weill ?1970-1981
(bought by American Express 1981) (bought EF Hutton 1987) (Am Express bought Lehman Bros (Kuhn Loeb) ?1990; spun off as Lehman Bros ? 1994 with Shearson EF Hutton retail brokerage sold to Citibank)
- Smith Barney
(bought by Citibank which had already bought Salomon Bros and even earlier had bought retail brokerage of Shearson/EF Hutton from American Express)
- Shearson Hayden Stone Sandy Weil 1975-1985
(Shearson was bought by American Express and then Am Express bought EF Hutton and later merged with Lehman Bros which had already merged with Kuhn Loeb; then finally the surviving entity - Lehman Bros- was spun off to be independent and the Shearson/EF Hutton brokerage was acquired by Sandy Weill's conglomerate that later merged with Traveler's Ins and then bought Citibank and Salomon Bros & Smith Barney)
- Wasserstein Perella & Co
Founded by Bruce* Wasserstein & Joe Perella in 1988; later c. 1993 Joe left for Morgan Stanley (MS) and Bruce sold the firm to Dresdner Bank AG c. 2001. And Bruce became CEO of Lazard in 2004 and Joe left MS in 2005 founding Perella Weinberg June 2006.
- bro of deceased playwright Wendy
- Dean Witter William Witter 1930-1975
Andy Melton Jr 1975-1980
Phil Purcell 1981-1995
(merged circa 1995 with Morgan Stanley)
[edit] Arms of Largest Commercial Banks in Investment Banking
Bank CEO Years
- Bank of America
(began 1904 with Bank of Italy in San Francisco bought in mid 1920s by TransAmerica and merged 1930 with Bank of America Savings & Trust; spun off; ?1999 bought by Nations Bank of Charlotte, NC (largest SE regional bank) and had moved to Charlotte) (Giannini sound themes of strong agricultural lending and strong branch banking built BofA into USA largest USA bank 1950-1990, today 2nd to Citibank; 3rd JPMorgan Chase) (today's focus national small & medium business, national & global credit cards business, US eastcoast/westcoast rule)
AP Giannini fder ?1900-?1935
LM Giannani (son) 1935-?1955
...
Ken Lewis 2000-present
(represents merged Nations Bank & B of A-Bank of America)
- Bank One
Jamie Dimon* 2001-2004
(merged with JP Morgan 2004) (*formerly of Shearson, & Citibank)
- Chase Manhattan Bank
David Rockefeller 1960-1985
Tom Labrecque 1885-1990
Walter Shipley 1990-1995
William Harrison 1995-present
(Merged with the combined Chemical Bank & Manufacturers Hanover, then these triple 'giants' finally merged with JP Morgan; adding Bank One in 2005) (today's focus 1st merging to top of heap vs 2nd more slowly bldg business)
- Chemical Bank
Walter Shipley 1982-1990
(bought Texas Commerce Bank circa 1983, bought Manufacturers Bank circa 1992 , then merged with Chase Manhattan Bank circa 1994 ; later merged with JP Morgan circa 2000; and merged with Bank One circa 2004)
- Citibank founded 1812
(no.1 today due to going national and then global in esp credit cards but also in overseas branch banking; esp strongly positioned by Wriston and today's no. 1 - 145 million in credit cards due to core biz Reed built (tho that also fded by Wriston))
Samuel Osgood pres 1812-1813
Isaac Wright pres 1827-1832
Moses Taylor pres 1856-1882
Percy Pyne pres 1882–1891
James Stillman pres 1891–1909
James Stillman chairman 1909-1918
(William Rockefeller 1920-40?)
Frank Vanderlip 1909-1919
James Stillman Jr 1919-1921
Charles Mitchell pres 1921–1929
Gordon Rentschler pres 1929-1940
William G Brady pres 1940–1948
Howard Shepard CEO 1948-1952
Stillman Rockefeller 1952-1959
George Moore 1959-1967
Walter Wriston CEO 1967-1984
Bill Spencer Pres 1970-1982
John Reed CEO 1984-1998
Rick Braddock Pres
Sandy Weil CEO 1998-2004
Charles Prince CEO 2004-present
Citibank history source: http://www.citigroup.com/citigroup/corporate/history/citibank.htm
(Citibank bought Salomon Bros ?1997 and Smith Barney ?1998; was bought by Travelers Insurance circa 1995)
- Credit Suisse
(strong core of insurance and Swiss banking and US leading capital market position cant seem to be mushroomed due to weak mgt)
Gp Ch Walter B. Kielholz
Gp CEO Lukas Muhlmann 2000-2003
Gp CEO Oswald J. Grubell ?2003-present
CS CEO Walter Berchtold ?2003-present
CS 1st Boston Brady W *Dougan 2004-Present
Dougan now to be ceo of CS Gp 2007-present
(see above, bought CS First Boston circa 1985; which then later bought DLJ-Donaldson Lufkin deJennerette circa 1995)
- Deutsche Bank
(the powerhouse for always in Euro leader Germany but has not grown much from this leading position)
Josef Ackerman ?2002-Present
- JP Morgan
(strongly attempting to merge its way to remain at top of USA banking)
William Harrison 1999-present
Don Layton cap mkts 1990-2001
Geoggrey Boisi inv bkg 2001-2002
Jimmy Lee LBO, M&A lending ?1995-present
(JP Morgan represents merged Chemical Bank, Manufacturers Hanover Bank, Chase Manhattan Bank, Texas Commerce, JP Morgan (surviving name) and Bank One) (and represents several purchases in Investment banking/ Capital Markets as Hambrecht & Quist (venture capital) and Beacon Hill Mgt Group)
- Manufacturers Hanover
(nice guy McGillicuddy stranglehold mgt style strangled his bank)
John McGillicuddy 1975-1985
(bought by Chemical Bank ? 1986)
- JP Morgan
JP Morgan ? 1890-1930
?Benjamin Strong ?1910-1920?
...
?Charlie Stetson ?1960-1975?
...
Sandy Warner 1985-1995
William Harrison CEO 1995-present
Jamie Dimon president 2004-present
(circa 2000 merged with Chase Manhattan Bank - which had already merged with Chemical & Manufacturers Hanover; c. 2004 JP Morgan(Chase) merged with Bank One)
- Wachovia
(merger rampage under retired CEO Crutchfield aka "Fast Eddy" for those rapid mergers , caution under present CEO Thompson)
Edward Crutchfield ? 1985-2001
Ken Thompson ? 2002-present
Wachovia includes past independent banks First Union (also a NC bank as Wachovia) and SouthTrust (headquartered in Birmingham, Ala) and the Wachovia of Charlotte , NC. Ken Thompson of First Union took over the combined bank after retirement of Wachovi'a Edward Crutchfield.
- WAMU (Washington Mutual(Savings & Loan)
Has now completed a national rollout of esp its mortgage dept and is noted for its highly successful sales of securities / wall street products via its branch network - about the ONLY bank to have ever had any success with that.
- UBS
(strong position , slow followthrough)
Marcel Ospel (ch-UBS Group) ?2000-present
Peter Wuffli (pres-UBS Gp) ?2000-present
Markus Granziol (UBS Warburg) ?2002-present
John Costas (UBS Warburg) ?1992-June/2005
Kenneth Moelis (UBS Warburg)pres 2005-Mar 2007
Huw Jenkin (UBS Warburg)ceo July/05-Present
Joseph Granno (UBS Paine Webber) ?2000-present
(UBS represents surviving name of SBC-Swiss Bank Corp and UBS- Union Bank of Switzerland) (UBS and predecessors bought Paine Webber & Warburg and then bought Dillon Read)(UBS largest bank in Euorpe with $1.5 trillion in assets on books, so at very top with Citibank)(buying AMRO commodities unit, former Barings, well positioned esp across Asia and larger in commodities financial futures brokerage- target growth area for UBS with now 10-15% of that market).
[edit] Note
The above is addressing larger players and while the largest bank in a smaller country is surely important for that country , it is no global player ....
The same holds true for Canadian or US regional banks.
- European Banks- We list above Deustche Bank; UBS (plus former SBC/Union Bank of Switzerland)
and Credit Suisse ... and mention others next below.
- Brit / Scot - And note the Brit / Scot banks Barclays / *National
Westminister (*Bought by Royal Bank of Scotland) have been dabblers but never larger players in Capital Markets. And the same for HSBC (Hong Kong Shanghai Bank Corp). And Brit merchant bank Barings wiped out by $1 billion in trading losses by rogue trader after 200 yr solid history with remains bought by AMRO now being sold to UBS.
- France - Credit Agricole, Credit Lynonnaise, BNP Paribas with ~$1.3 Trillion in assets, SocGen
are all there but not larger players either...
- Germany- Deutch Bank included above and the other leading German
banks have not been able to progress to be players in global financial markets.
- Spain - Banco Santander has emerged a larger merger player expanding
into Caribbean and Mexico and steadily moving up...
- Asian Banks-- While the massive ballooning of financial assets in 1970's
and 1980's made the Japanese banks the leading global banks on paper- the bursting of this bubble 1991-1992 deflated that ranking; and today even with mega mergers that have consolidated the former mega sized Japanese banks into 3-4 main banks, the ongoing uncertain size of any underpinning assets leaves clout - but perhaps no substance...though still an amazing no. of Japanese banks are ranked in top 50 (like 20-30) on wisps of underpinnings.
(Japanese securities firms came to Wall St mid 1970's, bloomed, then mostly have downsized though still there -as Daiwa, Nikko, Nomura, Yamaguchi; & Sanyo went out of business)
Similarly the ballooning of assets in China's boom, leaves a banking system with unknown strength with massive reported corruption .... with perhaps facing a similar collapse in values as Japanese banks in the future. A potential contra tend to the present general euphoria predicted for China's future.
In the summer of 2005, many US firms have scrambled to invest (1/2 to 3 billion sized investments) in China's largest banks (as Bank of China & Industrial Bank of China); all assuming the Chinese government would not let any of these largest Chinese banks fail - as fail they must, having no real assets with all their loans concentrated in corporate lending to a constantly shifting company base that changes before repayment.
In Australia , Macquarie Bank is the major local merchant bank. It recently considered buying the London stock exchange in a consortium bid, however the proposed deal fell through. See larger / largest Aussie commercial bank - WestPac.
[edit] Capital Raising
The overwhelming importance of the Capital Raising function to energizing future growth seems to pale by the huge size of today's Venture Capital and LBO Funds... that work globally to fuel that growth.
There is a weak USA understanding of state involvement in this process versus for example China targeting and funding e.g. 19 chip plants (costing $1-2 billion each) to plan for dominance in PCs and chips.
Will huge US venture capital funds and other funds pouring money into a huge future competitor as China (& India) leave the US work force unemployed... and the USA with a thin layer of "rich" investors in a land of poverty.
(No US Govt executives of any position address such issues while e.g. China appears to have genius's at work on them. ... And the lore of free markets working best always to bail out human free market misstarts seems to miss the extreme pace of China's advance. ... There are clear implied results important to investing that are embedded in these issues, that are unknown and discussed.)
[edit] LBO Funds
Other larger funds today bring billions to invest as LBO funds pouring billions into corporate purchases, restructurings.
And while today there are 100s of these funds, mention is made of the earlier funds & recognized leaders as :
- Bain Capital - Mitt Romney 1984-1999(?)
- Blackstone Partners - Pete Peterson / Carrie McCabe 1985-present
- Carlyle - Wm Conway/Carlucci 1989-present
- Clayton Dublier & Rice - Joe Rice 1978-present
- Forstmann Little - Ted Forstmann 1983-present
- Hicks Muse - (Thos Hicks ret) John Muse 1990-present
- KKR (Kolberg, Kravis & Roberts) - Henry Kravis 1975-present
- Thos H Lee Co - Tommy Lee 1986-present
- JP Morgan Partners ?1998-present
- Providence Equity Capital - Jonathan Nelson - ceo (esp media)
- Texas Pacific Group - David Bonderman - ceo
[edit] Hedge Funds
Also today there are thousands of hedge funds. They attempt more active trading in markets to obtain investment returns touted to be higher than normal. (Estimates are that today there are 8,000 hedge funds with $1.3 trillion to invest.)
The overwhelming majority i.e. 98+ % struggle to merely make returns equal to the DJIA or LESS.
A small handful are noteworthy for far exceeding those returns - a handful having returns 25%-75% as:
- Citadel Investment (Ken Griffith)
- ESL Investments (Edward S Lambert)
- Rennaisance Technoligies (James H Simmons)
- SAC Capital Advisors (Stephen A Cohen)
- Soros Quantum Fund (George Soros)
- Steinhardt Partners (Michael Steinhardt) (closed)
- Tiger Fund (Julian Robertson) (closed)
- Tudor Fund (Paul Tudor Jones & James Paoletta)
Other Larger Hedge Funds
- Appaloosa Mgt (David Tepper)
- Atticus Capital (David Slager)
- Avenue Cap Group (Marc Lasry)
- Blue Ridge Capital (John Griffin)
- TB Capital Mgt (T Boone Pickens)
- Bridgewater Associates (Ray Dalio)
- Caxton Associates (Bruce Kovner)
- GLG Partners (Noam Gottesman & Pierre Lagrange)
- JC Henry Fund
- Omega Advisors (Leon Cooperman)
- D. E. Shaw & Co. (David E. Shaw)
- Third Point (Daniel Loeb)
- Tontine Associates (Jeffrey Gendell)
Hedge Fund Manager Salaries These larger salaries have become famous or infamous depending on your view and in 2004 the top 10 ranked from 100 million to 1 ibllion and in 2005 top 10 ranked from 300 million to 1.5 billion with returns single digit to 62 % - huge disparities with a seeming disconnect between performance and the salary paid.
Notorious hedge funds for larger size and famous managements that went out of business are :
- LTCM (Long Term Capital Mgt) (shut down)
- (LTCM-John Meriwether & Nobel Laureates lose shirts and go out of business)
External Hedge Fund Info Source Alpha Magazine
[edit] Markets
The critical function of providing capital to US Capital markets and also to the Globe is supposedly overseen in the USA by two arms of Government.
First, the US Treasury esp via its Secretary of the US Treasury which historically has been neglectful and merely opining occasionally & rarely about any unusual market condition.
Secretaries of US Treasury
- Alexander Hamilton 1789-1795
- ...
- John Wesley Snyder 1945-1953
- George M Humphrey 1953-1957
- Robert Anderson 1957-1961
- C Doublas Dillon 1958-1962
- Henry Fowler 1965-1968
- Joseph Barr 1968-1969
- John Connally 1971-1972
- George Shultz 1972-1974
- Bill Simon 1974-1977
- Mike Blumenthal 1977-1979
- William Miller 1979-1981
- Don Reagan 1981-1985
- Jim Baker 1985-1988
- Nick Brady 1989-1993
- Lloyd Bentsen 1993-1994
- Robert Rubin 1994-2001
- Lawrence Summers 2001
- Paul O'Neill 2001-2003
- John W Snow 2003-May 2006
- Henry "Hank" Paulson May 2006-present
And more often US capital markets have been indirectly overseen by the Chairman of the US Federal Reserve Bank, which purports to manage the US economy (esp via controlling money supply and also via 'jawboning'-making statements intended to affect markets). While this purported function is its claimed goal, the past Chairman have for the most part not had the slightest clue about markets and done nothing helpful over decades.
One exception was William McChesney Martin Chairman in the 1950's, who was called the Savior of the Federal Reserve system for his outstanding work. (And another noteworthy chairman was Marriner Eccles who set up the federal system at the beginning.)
Recent US Federal Reserve Chairman:
- Marriner S Eccles 1934-1948
- Thomas B McCabe 1948-1951
- William McChesney Martin 1951-1970
- Arthur Burns 1970-1979
- Paul Volker 1979-1988
- Alan Greenspan 1988-2006
- Ben S. Bernake 2006-present
Alan Greenspan - widely touted as a solid performer in the Chairman position - is in actuality, best at media PR for obtaining that reputation based on a weak performance. (Widely known as the 'Mexican Hairless' (Chihuahua) or 'slick' for his personal appearance.)
see also copycat wiki article Chairman of the Federal Reserve
Historical Wall Street Page / Article by LE Cooper
[edit] Sources
Most all of above from work experience;
Sources for others:
- 'Bond Buyer Directory', American Banker , NY
- 'F.I.A.S.C.O.' by Frank Partnoy ISBN 0-14-027879-6
Penguin, NY, 1997 1999
- 'Infectious Greed' by Frank Partnoy ISBN 0805070982
Times Books/Henry Holt, NY , 2003
- 'Investment Banking in the US' by Vincent Caruso IBSN:
, 1970
- 'Nightmare on Wall Street' by Martin Mayer ISBN 0-671-78187-1
Simon & Schuster, NY, 1993
- 'Our Crowd' by Stephen Birmingham ISBN 0-8156-0411-4
Syracuse University Press, Syracuse, NY, 1996
