Why Swiss Bank Lured A Minnow
Entering the Manhattan offices of old-line investment bank Dillon, Read & Co. is like stepping into a time warp. The teacups are china, not styrofoam; the bankers write with fountain pens, not ballpoints; and the desks are graceful old wooden rolltops, not boxy metal rectangles. Time seems to have passed Dillon Read by. Competitors, from Morgan Stanley & Co. to Merrill Lynch & Co., have globalized, diversified, and innovated to stay astride booming global capital markets. Meanwhile, Dillon Read peaked in the 1960s. Though retaining a core of blue-chip clients and its gentlemanly reputation, the firm has faded from view. "It's like a fish at 50,000 fathoms," quips a competitor. "Nobody can explain how they're still there."
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.
- Bitcoin Futures Deliver Wild Ride as Debut Brings Rally, Halts
- Investors Told to Brace for Steepest Rate Hikes Since 2006
- A Manager of $42 Billion Fears Bubble in World's Biggest Stocks
- World's Second-Tallest Building Opens With a Whimper After Delay
- Longtime NPR Host Tom Ashbrook Is Facing Misconduct Allegations