Founded in 1935 as a partnership with a staff of just 13, Morgan is now a global financial services firm operating in more than 40 countries with over 80,000 employees. Through our integrated businesses—Institutional Securities, Wealth Management and Investment Management—we offer our clients keen insights, forward-thinking strategies, innovative products and experience-based advice to help them meet their goals.
The History of Morgan
For 89 years, Morgan has worked to meet the financial needs of its clients, from individuals and families to institutions and corporations. With a history of innovation and a passion for cutting-edge ideas, Morgan has established itself as a global leader in the financial services industry, always evolving to serve our clients and our communities.
Our History at a Glance
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1935 -
1959The First 25 Years- Morgan opened for business on September 16, 1935, as a partnership with a staff of 13. In its first year, the firm handled $1.1 billion in public offerings and private placements—representing a 24% market share.
- Over the next decade the firm played a key role in many significant transactions, including the distribution in 1938 of $100 million of debentures for the United States Steel Corporation as lead underwriter. In 1939, we were the lead syndicate for U.S. rail financing.
- In 1941, Morgan liquidated its stock and reorganized to qualify for membership on the New York Stock Exchange (NYSE), which it joined in 1942.
- The early 1940s saw the start of the firm's commitment to giving back, when founder Harold Stanley raised $1.5 million for the U.S. Committee for the Care of European Children.
- In 1947, the firm issued the first bond on behalf of the World Bank to fund post-war reconstruction in Europe.
- During the 1950s, the firm managed General Motors' $300 million debt issuance--at the time, the largest securities issue ever underwritten. Other major deals during this period included a $231 million IBM stock offering and a $250 million debt offering for AT&T.
- Leadership: Harold Stanley, President, 1935–1951; Henry Morgan, Secretary and Treasurer, 1935-1970; Perry Hall, President, 1951–1961
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1960 -
1979Global and Business Expansion- In the 1960s, Morgan developed the first computer model to deal with the increasing complexity of financial analysis.
- Morgan opened its first international office in 1967, launching Morgan & Cie. International in Paris with Morgan Guaranty Trust Co., to pursue the growing European securities market.
- In 1970, Morgan was among the first global investment banks to establish a presence in Japan.
- Between 1972 and 1977, the firm launched its Sales and Trading, Research, Investment Management, Real Estate and Private Wealth Management businesses.
- Morgan moved its international office from Paris to London in 1977.
- Leadership: Samuel Payne, President, 1970–1971; Chester Lasell, President, 1971–1972; Frank Petito, Chairman, 1973–1979; Robert H. Baldwin, President, 1973–1979, Chairman, 1979–1983
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1980 -
2006Creating the Modern Morgan- In 1984, Morgan developed the first Trade Analysis Processing System (TAPS), which boosted the volume of accuracy of trades, and formed its Prime Brokerage group to service hedge fund clients.
- In 1985, Morgan launched its Fixed Income Division.
- In 1986, the firm established Morgan and Co. International Plc, a financial services company operating in Europe, the Middle East, Africa, the Americas and Asia.
- Over the course of the next few decades, the firm opened offices in Frankfurt, Hong Kong, Luxembourg, Melbourne, Milan, São Paulo, Sydney and Zurich, as well as expanding in London and Tokyo. (View our Global Offices.)
- Morgan created its analytical proprietary trading group in 1986, bringing together traders, technical analysts and computer engineers to create and deploy new trading technologies.
- Morgan became a public company in 1986.
- The firm launched the MSCI World Index in 1988, the first comprehensive index of equity markets in developing countries.
- The Richard B. Fisher Scholarship was founded in 1993 to attract candidates from historically underrepresented groups to the financial industry.
- In 1995, Morgan moved its global headquarters to its current location at 1585 Broadway in New York.
- Morgan and Dean Witter merged in 1997, creating America's largest asset management company and securities firm in terms of equity capital. The resulting name, Morgan, Dean Witter, Discover & Company, was shortened to Morgan in March 2001.
- In 2000, the first Global Information Center (GIC) opened in Glasgow, now one of nine Global Centers. Their initial remit, providing trade settlements, has grown to include research, data analysis, risk management and technological innovation in areas such as artificial intelligence and cybersecurity.
- On September 11, 2001, Morgan had offices in the South Tower of the World Trade Center. Rick Rescorla, our vice president of security, led a massive evacuation of our 2,700 employees. Rick perished in the building along with 12 of our colleagues. For his bravery, Rick was posthumously awarded the Presidential Citizens Medal in 2019.
- The New York-Presbyterian Morgan Children’s Hospital opened in 2003, creating a world-class facility for pediatric care.
- Leadership: S. Parker Gilbert, President, 1983–1984, Chairman 1984–1990; Richard B. Fisher, President, 1984–1991, Chairman, 1991–1997; Philip J. Purcell, Chairman and CEO, 1997–2005; John J. Mack, President, 1994–2001
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2007 -
2009Reemerging from the Financial Crisis- After the 2008 stock market crash, Morgan and seven other large U.S. banks received capital investments through the Troubled Asset Relief Program (TARP). By June 2009, Morgan had fully paid back the $10 billion in TARP money to the U.S. Treasury.
- In 2008, Morgan became a financial holding company under the Bank Holding Company Act. That same year, it formed a strategic alliance with Mitsubishi UFJ Financial Group (MUFG).
- In 2009, Morgan established a new broker-dealer that combined Morgan's Global Wealth Management Group with Citi's Smith Barney in the U.S., Quilter in the UK and Smith Barney Australia retail units into a new wealth management firm. It operated as Morgan Smith Barney and became the largest wealth management business in the world.
- Leadership: John J. Mack, Chairman and CEO, 2005–2009; James P. Gorman, Co–President, 2007–2010
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2010 -
2024Innovation and Strategic Acquisitions- In 2012, Morgan launched the first-of-its-kind Investing with Impact Platform, which enabled clients to align their portfolios with environmental, social and governance (ESG) goals.
- The firm established the Morgan Institute for Sustainable Investing in 2013 to create scalable, sustainable investing solutions.
- In 2013, Morgan bought Citigroup’s final 35 percent stake of the wealth management joint venture, since renamed Morgan Wealth Management.
- Our Multicultural Client Strategy Group, founded in 2017 (and renamed the Inclusive Ventures Group in 2023), promotes financial inclusion and provides women and diverse entrepreneurs with access to capital and other business-critical resources.
- In 2019, Morgan agreed to acquire Solium Capital Inc., a leading global provider of software-as-a-service (SaaS) for equity administration, financial reporting and compliance. The acquisition paved the way for the firm to launch Morgan at Work.
- The 2020 all-stock transaction of E*TRADE, valued at approximately $13 billion, allowed Morgan to complement its full-service, advisor-driven Wealth Management business with E*TRADE’s direct-to-consumer and digital capabilities.
- The firm launched its Institute for Inclusion in 2020 to create an integrated, transparent internal and external strategy on diversity, equity and inclusion. In 2021, we added "Commit to diversity and inclusion" to Morgan’s Core Values.
- The 2021 addition of Eaton Vance, including Calvert and Parametric, increased the scale and strategic reach of our Investment Management business.
- Leadership: John J. Mack, Chairman, 2010–2012; James
P. Gorman, CEO, 2010–2023, Chairman, 2012–2023, Executive Chairman,
2024–present; Edward (Ted) Pick, CEO, 2024–present
