Word: shearson
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...white and gold opulence of an executive dining room on the 106th floor of New York City's World Trade Center. It was big-very, very big-the biggest ever between two members of Wall Street's financial community. Giant American Express (1980 sales: $5.5 billion) and Shearson Loeb Rhoades, the second largest U.S. brokerage house (1980 sales: $653 million) agreed to merge. Terms: 1.3 American Express shares for each of Shearson's 16.3 million outstanding shares, an exchange worth $915 million at the time of the deal. Even Karl Maiden, the stone-faced star of American...
...employees in 1,000 travel offices and 77 international bank branches and investment offices. American Express also has some less well-known holdings, including a 50% interest in a cable television subsidiary of Warner Communications and total control of giant Fireman's Fund Insurance (1980 sales: $3 billion). Shearson's main offerings to the merger were 11,000 employees in 270 U.S. and overseas branches, plus $8 billion in assets in popular money-market funds, which in recent months have lured a small army of savers away from banks and thrift institutions...
...month, Weill read in the South China Morning Post about the Prudential-Bache deal and decided that the time had come for another partner. Investment Banker Salim B. ("Sandy") Lewis, managing partner of S.B. Lewis & Co., last summer had suggested to Weill a merger with American Express, but the Shearson chairman doubted that he could persuade his board of directors to accept any such agreement. Then Prudential showed the way. After returning from Asia, Weill called Robinson and opened serious discussions. Over Easter weekend, the two men conducted a traveling talkathon that moved from Weill's 13-room home...
...American Express, the Shearson deal marked the end of a long, and sometimes embarrassing, search for a major acquisition. In 1972 American Express made a disastrous foray into the securities business by buying a 25% interest in Donaldson, Lufkin Jenrette, now Wall Street's 18th largest firm, for $29.3 million. Three years later, American Express gave up that investment for only $6.4 million. Then in 1979 American Express attempted an unfriendly takeover of McGraw-Hill, but the board of directors of the publishing firm unanimously rejected...
...Washington and goes into effect, American Express is likely to begin selling new money services quickly. Said Weill: "You can let your imagination run about what we're going to be doing." The amalgam's first offering is likely to be a cash management account based on Shearson's money-market funds and similar to one created by Merrill Lynch in 1977. Under that program, customers with at least $20,000 in securities or cash in an account can put that cash into money-market funds, which currently earn about 14% interest. Customers can then use special...