Morgan Grenfell shuts its securities operation
Citations (1)
- The House of Morgan - An American Banking Dynasty and the whole source · open book
On December 6, 1988, Morgan Grenfell abruptly shut its securities operation, ending its chances of becoming an integrated global investment bank. There was a wholesale firing of 450 people, or a quarter of its entire payroll—one of the biggest sackings in City history. Some traders had earned £200,000 a year (about $370,000), and their fate underscored the City’s transient wealth.
chapter: 36. Skyscraper