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Shearson/American Express: 1984 Shearson/American Express: Lehman Brothers, Kuhn, Loeb: Shearson Lehman/American Express: 1987 Primerica: Smith Barney: Primerica: 1987 Union Bank of Switzerland: Phillips & Drew: Union Bank of Switzerland: 1987 TSB Group Plc. Hill Samuel & Co. TSB Group Plc. 1988 Shearson Lehman/American Express: E.F. Hutton ...
Shearson Lehman Hutton was the result of the combination of several Wall Street firms over a 25-year period beginning in the early 1960s that included Lehman Brothers, Kuhn Loeb, E.F. Hutton, Hayden Stone & Co., Shearson, Hammill & Co., Loeb, Rhoades & Co., Hornblower & Company, and Cogan, Berlind, Weill & Levitt, which ultimately came together under the ownership of American Express.
Lehman Brothers Inc. (/ ˈ l iː m ən / LEE-mən) was an American global financial services firm founded in 1850. [2] Before filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Goldman Sachs, Morgan Stanley, and Merrill Lynch), with about 25,000 employees worldwide.
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On December 3, Hutton agreed to a merger with Shearson Lehman/American Express. The merger took effect in 1988, and the merged firm was named Shearson Lehman Hutton, Inc. [13] It later emerged that Hutton had faced massive cash shorts as early as 1985, and the firm's management had tried to put it up for sale as early as 1986. [12] Following ...
In 1993, American Express decided to divest Shearson Lehman Brothers, completing an IPO of Lehman Brothers, a spinoff of the remaining Lehman Brothers Holdings Inc shares to shareholders on 5/31/1994, and selling the core of what had been Shearson prior to the merger with Lehman Brothers to Sanford I. Weill's Primerica.
Smith Barney Shearson logo following the purchase of the brokerage business of Shearson Lehman Hutton from American Express. In the late 1980s, the retail brokerage firm Smith Barney was owned by Sanford I. Weill's Primerica Corporation. Commercial Credit purchased Primerica in 1988, for $1.5 billion ($3,864,378,165 today).
Loeb, Rhoades & Co. was a Wall Street brokerage firm founded in 1931 and acquired in 1979 by Sanford I. Weill's Shearson Hayden Stone.Although the firm would operate as Shearson Loeb Rhoades for two years, the firm would ultimately be acquired in 1981 by American Express to form Shearson/American Express and three years later Shearson Lehman/American Express.