Early 20th Century
During the period from 1890–1925, the investment banking industry was highly concentrated and dominated by an oligopoly that consisted of JP Morgan & Co.; Kuhn, Loeb & Co.; Brown Brothers; and Kidder, Peabody & Co. There was no legal requirement to separate the operations of commercial and investment banks; as a result deposits from the commercial banking side of the business constituted an in-house supply of capital that could be used to fund the underwriting business of the investment banking side.
Read more about this topic: Banking In The United States
Famous quotes containing the words early and/or century:
“The secret of heaven is kept from age to age. No imprudent, no sociable angel ever dropt an early syllable to answer the longings of saints, the fears of mortals. We should have listened on our knees to any favorite, who, by stricter obedience, had brought his thoughts into parallelism with the celestial currents, and could hint to human ears the scenery and circumstance of the newly parted soul.”
—Ralph Waldo Emerson (1803–1882)
“Just as the French of the nineteenth century invested their surplus capital in a railway-system in the belief that they would make money by it in this life, in the thirteenth they trusted their money to the Queen of Heaven because of their belief in her power to repay it with interest in the life to come.”
—Henry Brooks Adams (1838–1918)