Each year, it sprouted a new wing: portfolio management (1975), gov...
Citations (1)
- The House of Morgan - An American Banking Dynasty and the whole source · open book
Each year, it sprouted a new wing: portfolio management (1975), government bond trading and automated brokerage for institutions (1976), and retail brokerage for rich investors through its purchase of Shuman Agnew and Company in San Francisco (1977). The pride, even smugness, of the old Morgan Stanley stemmed from its extreme selectivity in hiring. Now, in a decade, the firm grew from about two hundred to seventeen hundred employees, with capital soaring from $7.5 million to $118 million.
chapter: 31. Tombstones