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JPMorgan’s Fall & Revival
October 6 @ 12:00 - 13:00
Join us for a virtual lunchtime program with international economist, global money manager, and author Nicholas Sargen in conversation with award-winning financial journalist Consuelo Mack. They will discuss Sargen’s latest book, JPMorgan’s Fall and Revival: How the Wave of Consolidation Changed America’s Premier Bank.
JPMorgan’s Fall and Revival tells the previously untold story of how J.P. Morgan & Co. became a universal bank in the 1980s-1990s and events leading to it merging with Chase Manhattan Corp. in 2000. It depicts the challenges leaders confronted when the firm’s business model was disrupted by the country’s developing debt crisis and premier corporate borrowers accessing capital markets. J.P. Morgan Chase & Co. stood out in seeking to reenter the world of investment banking and securities entirely on its own, and it was reluctant to make even targeted acquisitions that would have facilitated the build-out.
The book describes what happened to the institution in the larger story of U.S. banking consolidation, and how it went from losing its independence to becoming a financial powerhouse. During this time, all of the leading financial institutions struggled to change their business models. In the end, no U.S. money center bank was able to become a universal bank on its own. What ensued was a growing concentration of financial assets in a handful of institutions, which was the precursor to the 2008 financial crisis.
12 p.m.: Welcome Remarks: Donna Rapaccioli, dean of the Gabelli School of Business
12:05 p.m.: Speaker Introduction: David Cowen, president/CEO of the Museum of American Finance
12:08 p.m.: Discussion: Consuelo Mack, anchor and executive producer of Consuelo Mack WealthTrack, and Nicholas Sargen
12:45 p.m.: Audience Q&A
1:00 p.m.: Closing Remarks: David Cowen
Sargen is an international economist turned global money manager. He has been involved in international financial markets since the early 1970s, when he began his career at the Treasury Department with the Federal Reserve Bank of San Francisco. He subsequently worked on Wall Street for 25 years, holding senior positions with Morgan Guaranty Trust, Salomon Brothers Inc., and J.P. Morgan Private Bank. In 2003, he became chief investment officer for the Western & Southern Financial Group and its affiliate, Fort Washington Investment Advisors Inc. He subsequently served as chief economist from 2014-2019. He currently is an economic consultant to Fort Washington. He has authored two previous books: Global Shocks: An Investment Guide for Turbulent Markets and Investing in the Trump Era: How Economic Policies Impact Financial Markets. He received a B.A. in economics from the University of California, Berkeley, and an M.A. and Ph.D. in economics from Stanford University.
Mack is the anchor and executive producer of Consuelo Mack WealthTrack. Now in its 16th season, WealthTrack has been dubbed the “Cramer Antidote,” and Money magazine has called Mack “The Best Money TV Host.” Mack has had a long career in business journalism, including nearly two decades as the anchor and managing editor of The Wall Street Journal Report, which won Overseas Press Club and Gracie Awards during her tenure. Among her many honors is the first Lifetime Achievement Prize for Women in Financial Electronic Journalism, given by the Women’s Economic Round Table. She has been a member of the Museum of American Finance’s board of trustees since 2012.
This event is co-sponsored with the Museum of American Finance and CFA Society New York.