![]() ![]() The Shearson name was finally abandoned in 1994 following Primerica's acquisition of Shearson from American Express. In 1984, American Express would acquire the investment banking and trading firm, Lehman Brothers Kuhn Loeb, and added it to the Shearson family, creating Shearson Lehman/American Express. In 1981, Weill sold the combined Shearson Loeb Rhoades to American Express to form Shearson/American Express. although the merger with Loeb Rhoades was more notable for introducing a stronger investment banking business to Shearson. By most measures, Shearson became the second largest Merrill Lynch as the second largest brokerage firm in the U.S. At the time of the merger, Shearson Loeb Rhoades, with $260 million of combined assets and approximately $550 million of revenue, was among the largest investment banking houses. ![]() During Mothers Day Weekend 1979, Shearson and Loeb agreed to an $83 million all-stock merger to form Shearson Loeb Rhoades, with Weill assuming the position of CEO of the combined firm. Weill's next major target in 1979 was another prominent investment bank, Loeb, Rhoades, Hornblower & Co., which like Shearson had been suffering financial difficulties and was looking for a potential acquiror. The combined firm was renamed Shearson Hayden Stone, as Weill retained the Shearson brand, which was widely recognized as a major underwriter and brokerage. Despite its strong retail brokerage business, Shearson's capital reserves were diminished and by 1974, it was clear that Shearson did not have sufficient capital to survive as an independent firm, opting to merge with Weill's better capitalized Hayden Stone, Inc. following the acquisition of Hayden, Stone & Co. By 1973, Weill's firm was known as Hayden Stone, Inc. Weill, the chairman of the up-and-coming Cogan, Berlind, Weill & Levitt, had been acquiring many of Wall Streets oldest and most venerable investment banking and brokerage firms. Meanwhile, through the 1960s and 1970s, Sanford I. In response to the crisis, Shearson laid off a large portion of its staff in 1973. ![]() In the early 1970s, Shearson faced financial difficulties as did many of the venerable Wall Street firms in the midst of the 1973–1974 stock market crash. In the 1960s Shearson, Hammill became well known for its commercials that suggested "If You Want To Know What’s Going On On Wall Street, Ask Shearson Hammill." The firm had 63 offices in the US and internationally supported by a well-regarded securities research department. Hammill, who was raised in Albion, Michigan, moved first to Chicago and subsequently to New York in 1890.īy the end of World War I, Shearson Hammill had six branch offices and seven correspondents. Shearson was an active member of New York society. Shearson, who was raised in Ontario, Canada began his career as an auditor for the Wisconsin Central Railroad before taking a position in the steel industry in 1898. Steel and of Federal Steel Company before that. Before forming the firm, Shearson had served as comptroller of U.S. was founded by Edward Shearson and Caleb Wild Hammill in 1902. 1904), founder of Shearson, Hammill & Co. Shearson was acquired in by Hayden Stone & Co. The firm was originally headquartered in the Empire Building at 71 Broadway in New York City and maintained another main office in Chicago. The firm was a member of the New York Stock Exchange, the Chicago Stock Exchange and the Chicago Mercantile Exchange. The firm originally built its business as a stock broker as well as a broker of various commodities, particularly grain and cotton. was a Wall Street brokerage and investment banking firm founded in 1902 by Edward Shearson and Caleb Wild Hammill. ![]() Shearson Hayden Stone, Shearson/American Express (1981) For extended usage of the Shearson brand in finance, see Shearson and Shearson (disambiguation). The Shearson name was discontinued in 1994.This article is about Shearson Hammill, the brokerage and investment banking firm in existence from 1902–1974. In 1993, Shearson was sold to Primerica, a predecessor of Citigroup, and merged with its retail brokerage business, Smith Barney, to create Smith Barney Shearson. In 1981, Shearson was acquired by American Express and operated as a subsidiary of the financial services company before being merged with Lehman Brothers Kuhn Loeb in 1984 and E.F. ▼ Shearsonįollowing the spinout of Lehman Brothers, Shearson operations were sold to Primerica, later Citigroupįor its first eight decades, the firm operated independently and merged with several Wall Street securities firms including Hayden Stone & Co. Quick facts: Industry, Predecessor, Founded, Founder, Fate. ![]()
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