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:
“Well, it’s early yet!”
—Robert Pirosh, U.S. screenwriter, George Seaton, George Oppenheimer, and Sam Wood. Dr. Hugo Z. Hackenbush (Groucho Marx)
“This century fulfills the office of road-laborer for the society of the future. We make the road, others will make the journey.”
—Victor Hugo (1802–1885)