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Taking Stock: Plans for the Early 1990s

In: JPMorgan’s Fall and Revival

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  • Nicholas P. Sargen

    (Nicholas Sargen Advisory LLC)

Abstract

By mid-1990, five years had passed since Preston committed to transform the bank and three years since the launch of JPMorgan Securities. This provided an opportunity for senior management to assess progress that had been made. Few financial institutions at the time would do what Morgan was doing, increasing both capital spending and hiring when the economy was weak. The strategic plan that was formulated by the Corporate Planning unit called for Morgan to make targeted acquisitions in global custody, investment management and private banking. These areas would generate a steady earnings stream to finance the buildout into securities and investment banking. Morgan’s management, however, passed on opportunities to acquire State Street Bank and Northern Trust, which could have expanded its capabilities into mutual funds, the defined contribution space and wealth management.

Suggested Citation

  • Nicholas P. Sargen, 2020. "Taking Stock: Plans for the Early 1990s," Springer Books, in: JPMorgan’s Fall and Revival, chapter 13, pages 129-136, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-47058-6_13
    DOI: 10.1007/978-3-030-47058-6_13
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