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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.
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 ...
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.
In 1986, I wrote a series of feature stories for Investors Business Daily about the five-year anniversary of American Express's acquisition of Shearson Loeb Rhoades, then the second-largest ...
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]
During Mothers Day Weekend 1979, Shearson and Loeb agreed to an $83 million all-stock merger to form Shearson Loeb Rhoades, with Weill assuming the position of CEO of the combined firm. At the time of the merger, Shearson Loeb Rhoades, with $260 million of combined assets and approximately $550 million of revenue, was among the largest ...
By the end of 1993, the merged company was known as Travelers Group Inc. [citation needed] although the brokerage business continued to operate under the Smith Barney brand. In 1993, Weill bought stockbroker Shearson back from American Express for $1 billion ($2,109,191,431 today), and merged it into Smith Barney.
As economic conditions worsened in 1974, Weill had the opportunity to acquire Shearson, Hammill & Co., founded in 1902. Following the merger with Shearson Hammill & Co., the name of the combined company was changed again, this time becoming Shearson Hayden Stone. Weill adopted the Shearson brand, which had become a household name in the 1960s ...