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Preston in Charge

In: JPMorgan’s Fall and Revival

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  • Nicholas P. Sargen

    (Nicholas Sargen Advisory LLC)

Abstract

Preston’s pedigree was similar to his predecessors, although as a former Marine he was less genteel. He had excellent credentials to run the bank with a background in both domestic lending and international banking and finance. As the head of Morgan’s London office in the mid-1960s, he was present during the origins of the Eurocurrency markets. He also forged a close partnership with Dennis Weatherstone, an astute currency trader. Preston brought Weatherstone to New York to head foreign exchange, the Treasury Division and eventually to become his successor. Preston was instrumental in expanding Morgan’s lending to sovereign borrowers during the 1970s along with Citibank, Chase and other money center banks.

Suggested Citation

  • Nicholas P. Sargen, 2020. "Preston in Charge," Springer Books, in: JPMorgan’s Fall and Revival, chapter 3, pages 19-27, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-47058-6_3
    DOI: 10.1007/978-3-030-47058-6_3
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