Industry Shakeup

Nicholas P. Sargen ()
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Nicholas P. Sargen: Nicholas Sargen Advisory LLC

Chapter 9 in JPMorgan’s Fall and Revival, 2020, pp 83-92 from Springer

Abstract: Abstract When Morgan contemplated entering the securities business in the mid-1980s, the environment was favorable for both stocks and bonds. As investors flocked into financial assets, securities firms expanded their operations to meet growing customer demand. Conditions changed materially in the wake of the October 1987 stock market crash, which was accompanied by the downsizing of Wall Street firms. Amid this, the investment bank industry was contracting faster than new entrants were being created. In 1988, Preston shared his views about what was happening and the difficulty of mapping a strategy that called for Morgan to add to capacity while the investment banking industry was contracting.

Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-47058-6_9

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DOI: 10.1007/978-3-030-47058-6_9

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