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Peabody, Morgan & Co. then took the name J.S. Morgan & Co. The former UK merchant bank Morgan Grenfell (now part of Deutsche Bank), international universal bank JPMorgan Chase and investment bank Morgan Stanley can all trace their roots to Peabody's bank. Philanthropy The Peabody Trust continues to provide cheap housing in central London.
Morgan, Grenfell & Co. was a leading London -based investment bank regarded as one of the oldest and once most influential British merchant banks. It had its origins in a merchant banking business commenced by George Peabody. Junius Spencer Morgan became a partner in 1854. After Peabody retired the business was styled J. S. Morgan & Co.
After negotiating with the Resolution Trust Corporation, Great Western paid the RTC $86 million in June 1990 for all 71 branch offices and $2.1 billion of failed CenTrust's $5.2 billion in deposits. Centrust's failure was the largest savings and loan failure at that time and it had cost the taxpayers $1.7 billion to protect its depositors.
Northern Securities Company. The Northern Securities Company was a short-lived American railroad trust formed in 1901 by E. H. Harriman, James J. Hill, J.P. Morgan and their associates. The company controlled the Northern Pacific Railway; Great Northern Railway; Chicago, Burlington and Quincy Railroad; and other associated lines.
Creation of J.P. Morgan & Co. In 1940, Alexander joined the Morgan bank with the securities firm Morgan, Stanley, and Co. to form the commercial bank and trust corporation J.P. Morgan & Co. He became the president and CEO in 1950 and chairman of the board in 1955.
Knickerbocker Trust (right, built 1909) and Manhattan Life Bldgs., 60 & 66 Broadway. The bank was chartered in 1884 by Frederick G. Eldridge, a friend and classmate of financier J.P. Morgan. As a trust company, its main business was serving as trustee for individuals, corporations and estates. Eldridge was the founding president serving until ...