Early 20th Century
During the period from 1890–1925, the investment banking industry was highly concentrated and dominated by an oligopoly that consisted of JP Morgan & Co.; Kuhn, Loeb & Co.; Brown Brothers; and Kidder, Peabody & Co. There was no legal requirement to separate the operations of commercial and investment banks; as a result deposits from the commercial banking side of the business constituted an in-house supply of capital that could be used to fund the underwriting business of the investment banking side.
Read more about this topic: Banking In The United States
Famous quotes containing the words early and/or century:
“I got a little secretarial job after college, but I thought of it as a prelude. Education, work, whatever you did before marriage, was only a prelude to your real life, which was marriage.”
—Bonnie Carr (c. early 1930s)
“The horror of the Twentieth Century was the size of each new event, and the paucity of its reverberation.”
—Norman Mailer (b. 1923)