Genealogy of American finance PDF
Preview Genealogy of American finance
Genealogy of American Finance Genealogy of American Finance Robert E. Wright Richard Sylla Museum of American Finance 48 Wall Street, New York City Columbia University Press Genealogy of American Finance Museum of American Finance 48 Wall Street New York, NY 10005 www.moaf.org Columbia University Press Publishers Since 1893 New York Chichester, West Sussex cup.columbia.edu Design: Thumb/Luke Bulman with Celine Gordon and Camille Sacha Salvador Copyright © 2015 Museum of American Finance All rights reserved. ISBN: 978-0-231-17026-0 Library of Congress Cataloging-in-Publication Data Wright, Robert E. (Robert Eric), 1969– Sylla, Richard (Richard Sylla), 1940– Genealogy of American fi nance / Robert E. Wright and Richard Sylla. pages cm Includes bibliographical references and index. ISBN 978-0-231-17026-0 (cloth : alk. paper) 1. Banks and banking — United States. 2. Investment banking — United States. 3. Financial institutions — United States. I. Title. HG2491.W75 2015 332.1'20973 — dc23 2014027289 All reasonable attempts have been made to identify owners of copyright. Errors or omissions will be corrected in future volumes. No part of this volume may be reproduced without the written permission of the publisher, except in the context of reviews. Columbia University Press books are printed on permanent and durable acid-free paper. This book is printed on paper with recycled content. Printed in the United States of America. c 10 9 8 7 6 5 4 3 2 1 Contents vii Foreword, Charles M. Royce viii Overview of the Big 50 Headquarters Location Holding Company Location Industry of Origin Assets Earliest Known Ancestor 1 Introduction: A Brief History of Banking in America 4 Banks, Holding Companies and Corporate Genealogies: Necessary Technical Talk The Big 50 10 Ally Financial 118 Discover Financial 212 PNC Financial Services 16 American Express 122 E*Trade 220 Popular 24 American International Group 126 Fifth Third Bancorp 224 Principal Financial Group 28 BancWest 134 First Niagara 228 RBS-Citizens Financial 36 Bank of America 138 General Electric Capital 234 Regions Financial 46 Bank of New York Mellon 142 Goldman Sachs 242 Santander Holdings USA 54 BB&T 148 HSBC North America 248 State Street 62 BBVA Compass Bancshares 154 Hudson City Bancorp 252 SunTrust Banks 70 BMO Financial 158 Huntington Bancshares 260 Synovus Financial 76 BOK Financial 164 John Deere Capital 268 TD Bank US Holding 80 Capital One Financial 168 JPMorgan Chase 276 U.S. Bancorp 88 Charles Schwab 180 KeyCorp 284 UnionBanCal 92 CIT Group 188 M&T Bank 292 USAA 98 Citigroup 194 Morgan Stanley 296 Utrecht-America Holdings 104 City National 198 New York Community Bancorp 300 Wells Fargo 108 Comerica 202 Northern Trust 308 Zions Bancorporation 114 Deutsche Bank 206 People’s United Financial 316 Conclusion 318 Illustration Credits 3 20 Index 3 24 Acknowledgments Foreword I was introduced to the leadership of the Museum of American Finance through my friend and television personality, Consuelo Mack, who serves on the Museum’s Board of Trustees. During the course of my initial conversation with President David Cowen, I brought up an idea I have had for years, which is to trace the genealo- gies — or family trees — of the major American financial firms. I have been working in finance for more than 50 years and have witnessed first-hand many dramatic changes in the industry. So many firms that existed when I first began investing are no longer around. Given that my firm looks for “value” in companies when we invest, I asked David if there was value in this idea. His response was that, indeed, this would be an invaluable research tool. This book is the first output of that discussion. As the only independent finance museum in the nation, the Museum often fields calls from researchers inquiring about what happened to certain firms or banks — now defunct or acquired. Many times those questions have been difficult to answer. Moreover, the two main regulatory bodies, The Federal Reserve and the FDIC, do not have complete information and are, therefore, also unable to also answer those questions. According to the Museum’s exhibit team, an area of the “Banking in America” exhibit featuring an abridged genealogy of the Bank of America was the single largest piece of research that went into any section of the Museum’s permanent exhibits. This is largely because more than one hundred years’ worth of merger and acquisition data is so difficult to come by. My conversations with David and the Museum team resulted in my commitment to underwrite a massive research project to compile these family trees and house them in a central location. It has taken well over a year of research — which included hundreds of hours of archival leg- work — to compile these genealogies and make them publicly available. I applaud Professors Wright and Sylla for their research and writing efforts, which have made this project a reality. As a Columbia University MBA, I am pleased to note that my alma mater has enthusi- astically embraced this idea as well, and that this beautiful book has been produced by Columbia Business School Publishing. Now, if the Museum receives a research inquiry about past financial firms, the staff is able to answer where that firm’s history fits into the modern financial landscape. Or, better yet, people can access the infor- mation themselves via this book or the Museum’s website. This project sheds tremendous light into the dynamic nature of our nation’s financial history. One can never completely understand the future without a comprehension of the past. In an easy-to-read and understandable manner, this book gives a narrative history that is accessible to all — from the newcomer working at a bank to the finance professional, from the student to the scholar, from the practitioner to the regulator. Please enjoy the book, as each chapter will transport you back in time to see the birth and growth of these 50 financial institutions. — Charles M. Royce CEO, The Royce Funds Foreword vii Overview of the Big 50 Headquarters Location Portland, ME–44 Minneapolis–45 Boston–40, 41 Paramus, NJ–25 Providence, RI–38 Bridgeport, CT–22 Buffalo–21, 30 Detroit–1 Norwalk, CT–22 Chicago, Riverwoods–33, 18 Livingston, NJ–13 New York City–2, 3, 5, 6, 14, Cleveland–29 17, 19, 23, 24, Reno–27 Salt Lake City–50 Des Moines–37 Pittsburgh–35 28, 31, 32, 48 Columbus–26 San Francisco–12, 46, 49 Wilmington, DE–9 Cincinnati–20 Mclean, VA–11 Winston-Salem–7 Los Angeles–15 Tulsa–10 Birmingham–39 Atlanta–42 Columbus–43 Dallas–16 San Antonio–47 Houston–8 Honolulu–4 San Juan, PR–36 1 Ally Financial 18 Discover Financial 35 PNC Financial Services 2 American Express 19 E*Trade 36 Popular 3 American International Group 20 Fifth Third Bancorp 37 Principal Financial Group 4 BancWest 21 First Niagara 38 RBS-Citizens Financial 5 Bank of America 22 General Electric Capital 39 Regions Financial 6 Bank of New York Mellon 23 Goldman Sachs 40 Santander Holdings USA 7 BB&T 24 HSBC North America 41 State Street 8 BBVA Compass Bancshares 25 Hudson City Bancorp 42 SunTrust Banks 9 BMO Financial 26 Huntington Bancshares 43 Synovus Financial 10 BOK Financial 27 John Deere Capital 44 TD Bank US Holding 11 Capital One Financial 28 JPMorgan Chase 45 U.S. Bancorp 12 Charles Schwab 29 KeyCorp 46 UnionBanCal 13 CIT Group 30 M&T Bank 47 USAA 14 Citigroup 31 Morgan Stanley 48 Utrecht-America Holdings 15 City National 32 New York Community Bancorp 49 Wells Fargo 16 Comerica 33 Northern Trust 50 Zions Bancorporation 17 Deutsche Bank 34 People’s United Financial Genealogy of American Finance viii Holding Company Location Great Britain Netherlands Germany France Canada Spain Japan United States Canada United States KeyCorp BMO Financial Ally Financial M&T Bank TD Bank US Holding American Express Morgan Stanley American International Group New York Community Bancorp France Bank of America Northern Trust BancWest Bank of New York Mellon People’s United Financial BB&T PNC Financial Services germany BOK Financial Principal Financial Group Deutsche Bank Capital One Financial Regions Financial Charles Schwab State Street Great Britain CIT Group SunTrust Banks HSBC North America Citigroup Synovus Financial RBS-Citizens Financial City National U.S. Bancorp Comerica USAA Japan Discover Financial Wells Fargo UnionBanCal E*Trade Zions Bancorporation Fifth Third Bancorp Netherlands First Niagara Utrecht-America Holdings General Electric Capital Goldman Sachs Spain Hudson City Bancorp BBVA Compass Bancshares Huntington Bancshares Popular John Deere Capital Santander Holdings USA JPMorgan Chase Overview of the Big 50 Banks ix
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