Morgan, Harjes & Co. (originally Drexel, Harjes & Co.) was a Paris-based investment bank founded in 1868 by John H. Harjes, Eugene Winthrop and Anthony J. Drexel [1] as Drexel, Harjes & Co. In 1871, with the formation of Drexel, Morgan & Co., together with J. Pierpont Morgan, the company became the French affiliate of an international banking firm with offices in London, Philadelphia, New York City and Paris that would subsequently become J.P. Morgan & Co.
Just three years after its formation, Drexel Harjes played a significant role in the aftermath of the Franco-Prussian War. Following the war, the firm was a major lender to the new French government as it repaid its massive war reparations.
Drexel Harjes supervised the transfer of the $50 million, which the United States paid to France to acquire its interests in the Panama Canal allowing the United States to begin work on the canal in 1904.
In 1895, after Drexel's death, J. Pierpont Morgan assumed control of Drexel, Morgan & Co. and renamed the firm J.P. Morgan & Co.. Similarly, Drexel, Harjes & Co. was renamed Morgan, Harjes & Co. [2]
In 1909, John H. Harjes retired from Morgan Harjes and his son Henry Herman Harjes, who became a partner of the firm in 1898, took over responsibility for managing the firm.
Again in World War I, Morgan Harjes was actively involved, helping the Allied nations secure loans in order to purchase military supplies from manufacturers in the United States. Although critically important to the war effort, in the years following the war, Morgan Harjes was subjected to criticism for what were considered to be highly profitable war loans. [3]
In August 1926, Henry Herman Harjes died in a polo accident, ending the control of Morgan Harjes by the Harjes family. After Harjes' death, John Ridgeley Carter, a former American diplomat who became a partner in 1914, became senior partner of the firm. [4] That fall, the firm was renamed Morgan & Cie. [5]
During World War II, Morgan & Cie Incorporated was the only bank with ties to Allied nations [6] that remained open during the occupation of Paris.
In 1967, Morgan Guaranty Trust (formerly J.P. Morgan & Co.), sold two-thirds of its ownership in Morgan & Cie Incorporated to Morgan Stanley to form Morgan et Compagnie International, which would serve as the foundation for Morgan Stanley's international operations. The joint venture between the two wings of the House of Morgan (J.P. Morgan & Co. and Morgan Stanley) was one of the few survivors of the Glass–Steagall Act.
In 1975, Morgan Stanley established Morgan Stanley International Incorporated in London, integrating its various international operations including Morgan et Compagnie International. [7]
John Pierpont Morgan Sr. was an American financier and banker who dominated corporate finance on Wall Street throughout the Gilded Age. As the head of the banking firm that ultimately became known as J.P. Morgan and Co., he was a driving force behind the wave of industrial consolidation in the United States spanning the late 19th and early 20th centuries.
Junius Spencer Morgan I was an American banker and financier as well as the father of John Pierpont "J.P." Morgan. He founded J. S. Morgan & Co. along with George Peabody.
Kuhn, Loeb & Co. was an American multinational investment bank founded in 1867 by Abraham Kuhn and his brother-in-law Solomon Loeb. Under the leadership of Jacob H. Schiff, Loeb's son-in-law, it grew to be one of the most influential investment banks in the late 19th and early 20th centuries, financing America's expanding railways and growth companies, including Western Union and Westinghouse, and thereby becoming the principal rival of J.P. Morgan & Co.
Anthony Joseph Drexel Sr. was an American banker who played a major role in the rise of modern global finance after the American Civil War. As the dominant partner of Drexel & Co. of Philadelphia, he founded Drexel, Morgan & Co in New York in 1871 with J. P. Morgan as his junior partner. He also founded Drexel University in 1891. He was also the first president of the Fairmount Park Art Association, the nation's first private organization dedicated to integrating public art and urban planning.
Dean Witter Reynolds was an American stock brokerage and securities firm catering to retail clients. Prior to the company's acquisition, it was among the largest retail firms in the securities industry with over 9,000 account executives and was among the largest members of the New York Stock Exchange. The company served over 3.2 million clients primarily in the U.S. Dean Witter provided debt and equity underwriting and brokerage as mutual funds and other saving and investment products for individual investors. The company's asset management arm, Dean Witter InterCapital, with total assets of $90.0 billion prior to acquisition, was one of the largest asset management operations in the U.S.
Drexel Burnham Lambert was an American investment bank that was forced into bankruptcy in February 1990 due to its involvement in illegal activities in the junk bond market, driven by senior executive Michael Milken. At its height, it was a Bulge Bracket bank, as the fifth-largest investment bank in the United States. After Drexel's collapse, Kurt Eichenwald of the New York Times noted that the bank "fueled many of the biggest corporate takeovers of the 1980's."
Morgan, Grenfell & Co. was a leading London-based investment bank regarded as one of the oldest and once most influential British merchant banks.
J.P. Morgan & Co. was a commercial and investment banking institution founded by J. P. Morgan in 1871. The company was a predecessor of three of the largest banking institutions in the world — JPMorgan Chase, Morgan Stanley, and Deutsche Bank — and was involved in the formation of Drexel Burnham Lambert. The company is sometimes referred to as the "House of Morgan" or simply "Morgan".
John Pierpont "Jack" Morgan Jr. was an American banker, finance executive, and philanthropist. He inherited the family fortune and took over the business interests including J.P. Morgan & Co. after his father J. P. Morgan died in 1913.
Henry Sturgis Morgan Sr. was an American banker, known for being the co-founder of Morgan Stanley and the President & Chairman of the Morgan Library & Museum.
J.S. Morgan & Co. was a merchant banking firm based in London and New York City founded by Junius S. Morgan, father of J. Pierpont Morgan.
John Adams Morgan is an American sailor and Olympic champion and the founder and chairman of Morgan Joseph. His father, Henry Sturgis Morgan, was the co-founder of Morgan Stanley and his great-grandfather was J. P. Morgan, founder of J.P. Morgan & Co.
John Armstrong Drexel was an American aviation pioneer who was a member of the prominent Drexel family of Philadelphia.
Philadelphia financier Jay Cooke established the first modern American investment bank during the Civil War era. However, private banks had been providing investment banking functions since the beginning of the 19th century and many of these evolved into investment banks in the post-bellum era. However, the evolution of firms into investment banks did not follow a single trajectory. For example, some currency brokers such as Prime, Ward & King and John E. Thayer and Brother moved from foreign exchange operations to become private banks, taking on some investment bank functions. Other investment banks evolved from mercantile firms such as Thomas Biddle and Co. and Alexander Brothers.
The Morgan family is a prominent American family and banking dynasty, which became prominent in the U.S. and throughout the world in the late 19th century and early 20th century. Members of the family amassed an immense fortune over the generations, primarily through the noted work of John Pierpont Morgan (1837–1913). The majority of the family resides in Northern Kentucky.
Rothschild & Co is a multinational investment bank and financial services company, and the flagship of the Rothschild banking group controlled by the French and British branches of the Rothschild family.
Anthony Joseph "Tony" Drexel Jr. was an American banker and philanthropist who was a close friend of King Edward VII.
Charles Steele was an American lawyer and philanthropist who was a member of J.P. Morgan & Co. for 39 years.
John Ridgeley Carter was an American attorney, diplomat and banker.
Henry Herman Dulon Harjes was a Paris born American banker with Morgan, Harjes & Co.