Legacy
His son, J. P. Morgan, Jr., took over the business at his father's death, but was never as influential. As required by the 1933 Glass–Steagall Act, the "House of Morgan" became three entities: J.P. Morgan & Co., which later became Morgan Guaranty Trust; Morgan Stanley, an investment house; and Morgan Grenfell in London, an overseas securities house.
The gemstone Morganite was named in his honor.
Read more about this topic: J. P. Morgan
Famous quotes containing the word legacy:
“What is popularly called fame is nothing but an empty name and a legacy from paganism.”
—Desiderius Erasmus (c. 1466–1536)