Abstract
Abstract In order to illustrate how successful firms have adapted their structures to changing economic conditions, we will look at Merrill Lynch, Morgan Stanley, and Salomon Brothers. Each of these firms has been a leading firm in the industry for fifty years or more and has a unique identity in the industry. Merrill Lynch has been a leading innovator and a dynamic force in the industry since the 1940s in both retail and investment banking. Its size alone dominated the industry from the 1940s through the early 1980s. Yet it has been one of Wall Street’s great mysteries. No other firm can boast such strength and diversity in revenues while having so much trouble in consistently bringing them to the bottom line (Business Week, July 17, 1989, p. 122). In many respects, Morgan Stanley has been the premier investment banker in the industry since the 1930s. Among its longtime clients are many of this country’s largest firms, including General Motors, Standard Oil of New Jersey, IBM, Mobil Oil, Texaco, U.S. Steel, DuPont, Shell Oil, and Standard Oil of Indiana (Hayes, Spence, and Marks 1983, pp. 102-3). The firm is an offshoot of the banking house of J.P. Morgan and is sometimes described as patrician.
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