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JPMorgan's Fall and Revival - How the Wave of Consolidation Changed America's Premier Bank (Hardcover, 1st ed. 2020)
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JPMorgan's Fall and Revival - How the Wave of Consolidation Changed America's Premier Bank (Hardcover, 1st ed. 2020)
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This book tells the untold story of how JPMorgan became a universal
bank in the 1980s-1990s and the events leading to it being acquired
by Chase in 2000. It depicts the challenges Morgan's leaders - Lew
Preston and Dennis Weatherstone - confronted when the firm's
business model was disrupted by the developing country debt crisis
and premier corporate borrowers increasingly accessing capital
markets, up to its current management with Jamie Dimon. It depicts
what happened to Morgan in the larger story of U.S. banking
consolidation. As Morgan sought to re-enter the world of securities
and navigate around Glass-Steagall barriers, their overriding goal
was to ensure it would remain a pre-eminent wholesale bank serving
multinational corporations. Opportunities to grow through
acquisition were presented and considered, including purchasing a
stake in Citibank in the early 1990s. However, Preston and
Weatherstone were reluctant to integrate areas unfamiliar to Morgan
such as retail banking or to assimilate cultures that were
disparate from the firm's. This first-hand account explores whether
Morgan could have stayed independent had its leaders pursued the
strategic plan that called for it to make targeted acquisitions in
areas where it had well-established businesses. Instead, in the
mid-1990s, it went from being the hunter to the hunted. Rival banks
that had been burdened by bad loans to developing countries and
commercial real estate capitalized on rising share prices during
the tech boom to acquire other institutions. Meanwhile, Morgan's
profits and share price lagged, which left it vulnerable. During
this time, all of the leading financial institutions struggled to
change their business models. In the end, no U.S. money center bank
was able to become a universal bank on its own. What ensued was a
growing concentration of financial assets in a handful of
institutions that was the precursor to the 2008 financial crisis,
which is explored further using Morgan as a lens, in a book that is
sure to interest banking and Wall Street professionals and business
readers alike.
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