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Industry Shakeup

In: JPMorgan’s Fall and Revival

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  • Nicholas P. Sargen

    (Nicholas Sargen Advisory LLC)

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.

Suggested Citation

  • Nicholas P. Sargen, 2020. "Industry Shakeup," Springer Books, in: JPMorgan’s Fall and Revival, chapter 9, pages 83-92, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-47058-6_9
    DOI: 10.1007/978-3-030-47058-6_9
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