The Sellside Graveyard


The Sellside Graveyard

The following are notable investment banking and brokerage firms that have been liquidated, acquired or merged and no longer operate under the same name.
FirmFate
Alex. Brown & Sonsultimately part of Deutsche Bank, survives as minor business unit
A.G. Becker & Co.acquired by Merrill Lynch in 1984
A.G. Edwardsacquired by Wachovia in 2007
The Argosy Groupacquired by Canadian Imperial Bank of Commerce in 1995
Babcock & Browncollapsed 2009, liquidation of its assets
BancAmerica Robertson Stephensacquired by NationsBank in 1998 and integrated into NationsBanc Montgomery Securities to form Banc of America Securities.
Baringscollapsed 1995; assets acquired by ING Bank
Bear Stearnscollapsed 2008; assets acquired by JPMorgan Chase
Bowles Hollowell Connor & Co.acquired by First Union in 1998
Blyth, Eastman Dillon & Co.merged with Paine Webber in 1979
Brown Bros. & Co.merged with Harriman Brothers & Company to form Brown Brothers Harriman & Co.
BT Alex. Brownacquired by Deutsche Bank to form Deutsche Bank Alex. Brown
C.E. Unterberg, Towbinacquired by Collins Stewart in 2007
Commodities Corporationacquired by Goldman Sachs and renamed Goldman Sachs Princeton in 1997
Dain Rauscher Wesselsbought by Royal Bank of Canada in 2000
Dean Witter Reynoldsmerged with Morgan Stanley to form Morgan Stanley Dean Witter, subsequently the Dean Witter name was eliminated
Dillon, Read & Companyacquired by Swiss Bank Corporation, and is ultimately part of UBS AG
Donaldson, Lufkin & Jenretteacquired by Credit Suisse in 2001
Drexel Burnham Lambertliquidated 1990
E.F. Hutton & Co.acquired by Shearson Lehman/American Express in 1988, ultimately part of Lehman Brothers
First Boston Corporationmerged with Credit Suisse in 1988 to form CS First Boston, renamed "Credit Suisse First Boston" in 1996 and "Credit Suisse" in 2006
First Union Securitiesacquired by Wachovia in 2002 to form Wachovia Securities
G.H. Walker & Co.acquired by White Weld & Co and ultimately part of Merrill Lynch
Giuliani Capital Advisorsthe investment banking division of Giuliani Partners was sold to Macquarie Group in 2007
Goodbody & Co.merged into Merrill Lynch in 1970
Gruntal & Co.acquired by Ryan Beck & Co. in 2002
H.B. Hollins & Co.liquidated in 1913
Halsey, Stuart & Co.ultimately part of Wachovia
Hambrecht & Quistacquired by Chase Manhattan Bank and ultimately part of JPMorgan Chase. H&Q name continues as investment advisor
Hambros Bankacquired by Société Générale
Hayden, Stone & Co.acquired Shearson Hammill & Co. in 1974 and assumed the Shearson name. Ultimately acquired by American Express in 1981
Harriman Brothers & Companymerged with Brown Bros. & Co. to form Brown Brothers Harriman & Co.
HBOSacquired by Lloyds TSB to form the Lloyds Banking Group in 2009
Hill Samuelacquired by Trustee Savings Bank (TSB) in 1987 later Lloyds TSB
Hornblower & Weeksinvestment bank acquired by Loeb, Rhoades & Co. and ultimately part of Shearson/American Express
J.&W. Seligman & Co.investment bank ultimately part of UBS AG; continues as asset manager
J.C. Bradford & Co.acquired by PaineWebber in 2000, ultimately part of UBS AG
John Nuveen & Co.IBD acquired by Piper Jaffray in 1999; company continues as asset management house under Nuveen Investments, which is controlled by private equity firm Madison Dearborn Partners
Keefe, Bruyette & Woodsacquired by Stifel in 2012, still maintain independent branding
Kidder, Peabody & Co.acquired by General Electric Corporation in 1986, subsequently resold to PaineWebber in 1994 and ultimately part of UBS AG
Kleinwort Bensonacquired by Dresdner Bank in 1995
Kuhn, Loeb & Co.ultimately part of Lehman Brothers
Llama Companyultimately defunct after departure of Alice Walton
L.F. Rothschildultimately part of C.E. Unterberg, Towbin, with parts sold to Oppenheimer. Not to be confused with Rothschild & Co (the result of a merger of the British N.M. Rothschild & Sons with the French Rothschild & Cie); see Rothschild family
Lee, Higginson & Co.liquidated 1932
Lehman Brothersbankrupt in 2008, asset sold to Barclays Capital and Nomura Holdings
Loeb, Rhoades & Co.acquired by Shearson Hammill & Co. to form Shearson Loeb Rhoades in 1979 which was later acquired by American Express in 1981 to form Shearson/American Express
McColl Partnersacquired by Deloitte in 2013 to form Deloitte Corporate Finance
Mendelssohn & Co.aryanized by the Nazis in 1938, sold in parts to Deutsche Bank
Merrill Lynch & Co.acquired by Bank of America in 2008 and integrated into Banc of America Securities to form Bank of America Merrill Lynch
Miller Buckfire & Co.acquired by Stifel in 2012, still maintains independent branding
Montgomery Securitiesacquired by NationsBank in 1997 and integrated into NationsBanc Capital Markets to form NationsBanc Montgomery Securities
Morgan & Cieacquired by Morgan Stanley in 1967 and incorporated as Morgan et Compagnie International in Morgan Stanley International Incorporated in 1975
Morgan Grenfellacquired by Deutsche Bank in 1990
Morgan, Harjes & Co.renamed Morgan & Cie in 1926 and acquired by Morgan Stanley in 1926
Paine Webberacquired by UBS AG
Park Ryanliquidated 1979
Prudential Securitiesacquired by Wachovia in 2003
Reynolds Securitiesmerged with Dean Witter & Co. to form Dean Witter Reynolds, subsequently merged with Morgan Stanley
Robert Fleming & Co.acquired by JPMorgan Chase
Robertson Stephensacquired by BankAmerica in 1997 and integrated into BancAmerica Securities to form BancAmerica Robertson Stephens. Sold again in 1998 to BankBoston (later FleetBoston Financial and would operate as Robertson Stephens from 1998–2002, when the firm was shuttered after the collapse of the Internet bubble
Roosevelt & SonBroken up into three firms in 1934: Roosevelt & Son (liquidated), Roosevelt & Weigold (today operates as Roosevelt & Cross); and Dick & Merle Smith
Ryan Beck & Co.acquired by Stifel in 2007
S. G. Warburg & Coultimately part of UBS AG; not to be confused with M.M. Warburg or Warburg Pincus; see Warburg family
Salomon Brothersacquired by Travelers Group in 1997, ultimately part of Citigroup
Schrodersinvestment bank bought by Citigroup; continues as asset manager
Shearson/American Expressacquired Lehman Brothers Kuhn Loeb in 1984 to form Shearson Lehman/American Express, later Shearson Lehman Hutton and Shearson Lehman Brothers
Shearson, Hammill & Co.renamed Shearson Loeb Rhoades after the 1979 acquisition of Loeb, Rhoades & Co. in 1979. Acquired by American Express in 1981 to form Shearson/American Express
Shearson Lehman Huttonrenamed Shearson Lehman Brothers in 1990 and split up in 1993 with the IPO of Lehman Brothers and the sale of the retail and brokerage operations to Primerica
Soundview Technology Groupultimately part of Charles Schwab
Swiss Bank Corporationmerged with Union Bank of Switzerland to form UBS AG
Union Bank of Switzerlandmerged with Swiss Bank Corporation to form UBS AG
Wachovia Securitiesacquired by Wells Fargo in 2008 and renamed Wells Fargo Securities
Wasserstein Perella & Co.bought by Dresdner Bank
Wertheim & Co.acquired by Schroders, and ultimately by Salomon Smith Barney
White Weld & Co.bought by Merrill Lynch
Wood Gundyacquired by the Canadian Imperial Bank of Commerce in 1987, operating as CIBC Wood Gundy before becoming CIBC World Markets in 1997

See also

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