![]() ![]() Although the firm still laid claim to the No. "Kidder was strong in utility underwriting, it had a crackerjack research department, it had high-net-worth retail clients and a very strong investment-banking franchise."īut, by the end of last year, Kidder wasn't a powerful presence in much of anything. "Fifteen or 20 years ago, the Kidder name would have made a difference," said Perrin Long, an independent securities-industry analyst. But last year's sharp rise in interest rates, coupled with a bond-trading scandal, crippled the firm.Īlthough the Kidder name had cachet in the late 1970s and early '80s, analysts say today it has little, if any, luster. In the 1990s, Kidder rebuilt itself into a Wall Street juggernaut in mortgage-backed bonds. in 1986 and stumbled in a 1980s insider-trading scandal. Kidder, long known for its investment-banking prowess, was acquired by General Electric Co. Unlike other Wall Street names, which have gone through various incarnations, the Kidder Peabody name has remained intact throughout the firm's history. When the firm first opened, it advertised "banking, brokerage and exchange business." Kidder was founded in Boston on April 1, 1865, by Henry Kidder, Francis Peabody and Oliver Peabody. The demise of Kidder will mean the end of a name that has been kicking around Wall Street for nearly 130 years. "Now that we are a bigger force internationally, we want to behave as one company, with one voice and one name." "Our research, as well as other considerations, is showing us that PaineWebber is the name to go forward with," said Jerry Johnston, manager of corporate communications. Now, after a six-week "global study" of its retail, banking and institutional clients, PaineWebber has decided that it's time to make the Kidder Peabody name a Wall Street footnote. ![]() agreed to acquire most of Kidder's assets in October but wanted to mull over whether it wanted to acquire the Kidder name. Kidder, Peabody & Co., one of Wall Street's longest-running names, will disappear when the investment bank is dismantled later this month. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |