In 1981, Morgan Stanley reigned as number one in underwriting, as i...
Citations (1)
- The House of Morgan - An American Banking Dynasty and the whole source · open book
In 1981, Morgan Stanley reigned as number one in underwriting, as it mostly had since 1935. By 1983—after the 415 shake-up—it plummeted to sixth place, with the trading-oriented Salomon Brothers arising as the new leader. Underwriting was now a banal commodity business in which capital and trading prowess counted for far more than did contacts with companies.
chapter: 33. Traders