Titlebook: JPMorgan’s Fall and Revival; How the Wave of Cons Nicholas P. Sargen Book 2020 The Editor(s) (if applicable) and The Author(s), under exclu

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Preston in Charge a background in both domestic lending and international banking and finance. As the head of Morgan’s London office in the mid-1960s, he was present during the origins of the Eurocurrency markets. He also forged a close partnership with Dennis Weatherstone, an astute currency trader. Preston brought

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Market Shockstions. They included the second oil shock after the Iranian Revolution in 1979 and the shift in US monetary policy under Paul Volcker whereby interest rates were allowed to rise to record levels to combat accelerating inflation. The International Economics Department assessed the implications of the

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Crisis Eruptstheir foreign exchange reserves and could not service their interest payments. It came as a complete shock to the management of Morgan Guaranty, whose loans outstanding to these countries matched its capital. Preston first had to decide whether to listen to Rimmer de Vries who believed the debt cris

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Time to Say Goodbyeder of the decade. It favored a case-by-case approach to deal with problem countries rather than a formulaic solution that would apply to all countries. Morgan’s International Economic Department was responsible for projecting the funding requirements for the respective borrowers, and it helped map

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Industry Shakeupked into financial assets, securities firms expanded their operations to meet growing customer demand. Conditions changed materially in the wake of the October 1987 stock market crash, which was accompanied by the downsizing of Wall Street firms. Amid this, the investment bank industry was contracti

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Preston Passes the Batonould step down as chairman and CEO. While the timing was a surprise, Preston’s choice of Dennis Weatherstone as his successor was a foregone conclusion, as they collaborated closely since the mid-1960s. Nor did it matter to Preston that Weatherstone’s pedigree was vastly different from previous Morg