By Winthrop H. Smith Jr
The interesting tale in the back of the corporate that revolutionized the monetary world Catching Lightning in a Bottle strains the total background of Merrill Lynch and the company's mammoth impression at the global of finance, from the start of the once-mighty corporation to its inauspicious finish. all through its ninety-four 12 months background, Merrill Lynch revolutionized finance by means of bringing Wall road to major highway, working below a chain of directions often called the foundations. those values allowed the corporate to achieve the belief of small traders via placing the consumers' pursuits first, riding a company trajectory that accelerated capital markets and fueled the expansion of the yank post-war financial system. Written by way of the son of Merrill Lynch co-founder Winthrop H. Smith, this booklet describes the production and evolution of the corporate from Charlie Merrill's one-man store in 1914 to its acquisition via financial institution of the USA in 2008.
writer Winthrop H. Smith Jr. spent twenty-eight years on the corporation his father co-founded, bringing a different viewpoint to endure in telling the tale of the corporate that democratized the inventory marketplace and finally fell from its lofty perch.
- Learn why the first and foremost scoffed at Charles Merrill's "radical" funding ideas
- Discover the foundation of the foundations, and the way they drove operations for almost a century
- Find out why the writer left a profitable Wall highway profession, and why it used to be one of these shrewdpermanent move
- Examine the tradition and values that outfitted Merrill Lynch into one of many world's so much profitable and revered companies
progressive imaginative and prescient is uncommon, and enduring luck is much more so. whilst a unmarried association demonstrates either one of these features, it's felt through the global. become aware of the attention-grabbing tale in the back of Merrill Lynch and the boys who equipped it from an insider's point of view in Catching Lightning in a Bottle.
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Extra resources for Catching Lightning in a Bottle: How Merrill Lynch Revolutionized the Financial World
One nagging thought refused to go away, however, and it clung to my brain like a barnacle on a hull. Stanley O’Neal was dead wrong when he characterized my company—my former company—as inefficient, paternalistic, and bloated. On the contrary, Merrill had become one of the leading investment banking and private wealth firms in the world. We had a global footprint that was unmatched and envied by our competition. We were proud to wear “the Bull” on our sleeves and in our hearts, and we felt privileged to be a member of Mother Merrill’s family.
Steel, General Electric, Standard Oil, Western Union, and American Telephone & Telegraph, built towering “cathedrals of commerce” to house their growing armies of clerical workers. They overflowed from the real Wall Street, and the figurative Wall Street was ever-expanding to include Cedar, Pine, Broad, Nassau, William, Exchange Place, and Lower Broadway. Bells from the great Gothic tower of Trinity Church pealed the start of the Wall Street day, and every New Year’s Eve at midnight, masses of reveling people came down and listened to it chime in the calendric moment of change (though when The New York Times moved into its new Midtown quarters on January 1, 1908, it began a custom of dropping a ball to greet the new year in what everyone would soon be calling Times Square).
I was proud to be a member of the Mother Merrill family. Being the son of Winthrop H. Smith had many benefits, but it also presented challenges. I had to work extremely hard every day to prove myself worthy of the name. Over the years I held line and staff positions in investment banking, wealth management, finance, human resources, and marketing prior to becoming Executive Vice President, Chairman of Merrill Lynch International and a member of the Merrill Lynch & Co. Executive Committee. I had a great career and feel so fortunate to have been at Merrill when I was.