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Technology and the New Economy

In: JPMorgan’s Fall and Revival

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  • Nicholas P. Sargen

    (Nicholas Sargen Advisory LLC)

Abstract

Investor optimism reined in the mid-1990s as the US economy accelerated amid a revolution in technology. As these developments unfolded, the term “The New Economy” became increasingly popular. Tech stocks fueled a powerful market rally that continued through the remainder of the decade. Securities firms such as Goldman Sachs, Merrill Lynch and Morgan Stanley benefited from a high volume of initial public offerings (IPOs) and dot-com stocks. During the boom the role of equity analysts on Wall Street changed as they were turned into marketers. True to its colors, Morgan did not want to play that game, but this made it more difficult to gain market share. During this period the largest banks engaged in a series of mega-mergers, one of the most prominent being Chemical Bank’s acquisition of Chase Manhattan in 1995.

Suggested Citation

  • Nicholas P. Sargen, 2020. "Technology and the New Economy," Springer Books, in: JPMorgan’s Fall and Revival, chapter 18, pages 179-187, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-47058-6_18
    DOI: 10.1007/978-3-030-47058-6_18
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