List of investment banks
Investment banks are the unseen architects behind the global economy, facilitating the monumental deals that shape industries and create fortunes. From advising on mergers to underwriting massive stock offerings, these financial powerhouses are at the heart of corporate finance. Understanding who they are and what they do offers a fascinating glimpse into the mechanics of modern capitalism. Investment banks are categorized into distinct tiers—Bulge Bracket, Middle Market, and Boutiques—each serving different client scales and needs. Full-service investment banks provide a comprehensive suite of financial services, acting as vital intermediaries for companies accessing capital markets. The investment banking landscape is constantly shifting through mergers, acquisitions, and bankruptcies, reflecting a dynamic and competitive industry.
AI Summary
Investment banks are the unseen architects behind the global economy, facilitating the monumental deals that shape industries and create fortunes. From advising on mergers to underwriting massive stock offerings, these financial powerhouses are at the heart of corporate finance. Understanding who they are and what they do offers a fascinating glimpse into the mechanics of modern capitalism.
- Investment banks are categorized into distinct tiers—Bulge Bracket, Middle Market, and Boutiques—each serving different client scales and needs.
- Full-service investment banks provide a comprehensive suite of financial services, acting as vital intermediaries for companies accessing capital markets.
- The investment banking landscape is constantly shifting through mergers, acquisitions, and bankruptcies, reflecting a dynamic and competitive industry.
The World of Investment Banking
Investment banks are the powerhouses of global finance, playing a crucial role in economic growth and corporate strategy. They act as financial advisors and intermediaries, helping companies raise capital, navigate complex transactions like mergers and acquisitions, and trade securities. It's a world of high stakes and even higher returns.
Tiers of Influence
The investment banking industry isn't a monolith; it's typically broken down into distinct tiers based on size, scope, and the scale of deals they handle. This structure helps define their market reach and client base, from global giants to specialized niche players.
At the top, we have the "Bulge Bracket" — the largest, most profitable, and globally active firms that dominate major financial transactions. Below them are "Middle Market" banks, focusing on mid-sized businesses, and then "Boutique" firms, which are specialized and often independent, catering to specific advisory needs.
The Full-Service Experience
Many of the most prominent investment banks are considered "full-service." This means they offer a vast array of services, providing clients with comprehensive support across their financial needs. They are truly one-stop shops in the complex world of finance.
These services typically include advisory roles for mergers and acquisitions, financing solutions like underwriting new stock or bond issues, and sales and market making for various financial products. They also provide crucial research on equities, credit, currencies, commodities, and derivatives. Think of them as the Swiss Army knives of the financial world.
The Bulge Bracket Dominance
The "Bulge Bracket" banks aren't just large; they underwrite the vast majority of financial transactions worldwide, handling deals that often run into the billions. Their global reach and extensive resources make them indispensable for major corporations and governments seeking to raise capital or execute large-scale strategic moves.
Financial Conglomerates
Beyond pure investment banks, many large financial institutions operate as conglomerates, blending multiple financial services under one roof. These giants often combine commercial banking, investment banking, and sometimes even insurance. This integrated approach allows them to offer a complete spectrum of financial solutions to their diverse clientele.
Historically, the ability to combine these services varied by region. In the United States, for instance, such combinations were restricted for decades, only becoming legal after the passage of the Gramm-Leach-Bliley Act in 1999. This landmark legislation reshaped the American financial landscape, leading to the creation of today's mega-banks.
Private Placement Specialists
Not all capital is raised on public exchanges. Private placement firms specialize in connecting companies and funds with private investors, bypassing public markets. They play a vital role, especially in fundraising for private equity funds, venture capital, and other alternative investments.
These specialized firms act as agents, finding private capital for businesses that might not be ready or suitable for a public offering. Their expertise lies in navigating the intricate world of private fundraising.
Firm Specialty Asante Capital Private Capital Advisory Campbell Lutyens Private Capital Advisory Probitas Partners Private Equity Placement Rede Partners Private Equity Placement
Boutique Advisory and Capital Markets Firms
In contrast to the giants, a vibrant "boutique market" exists, comprising specialized advisory and capital markets firms. These firms often focus on specific industries, deal types, or geographic regions, offering tailored expertise that larger banks might not provide with the same dedicated focus.
While smaller in scale, these firms can be highly influential in their niche, providing expert guidance on mergers, acquisitions, and capital-raising for specific client segments. They often offer a more personalized approach.
Firm Specialty BDO Capital Advisors Corporate Finance Berkery, Noyes & Co M&A Advisory (Info, Media, Tech) RBC Brewin Dolphin Wealth Management & Advisory Capital One Securities Investment Banking Deloitte Corporate Finance Corporate Finance Advisory Duff & Phelps Valuation, Corporate Finance Ernst & Young Capital Advisors M&A, Debt Capital Advisory KPMG Corporate Finance Corporate Finance Advisory PwC Corporate Finance Corporate Finance Advisory Roth MKM Investment Banking, Equity Research
The Ever-Changing Landscape
The world of investment banking is incredibly dynamic, marked by constant evolution. Firms rise and fall, merge, acquire, or are acquired, reflecting shifts in market conditions, regulatory environments, and competitive pressures. Yesterday's giants can become today's historical footnotes.
This constant flux means that the list of prominent investment banks is never static. Many once-powerful names have disappeared over time, their legacies absorbed into larger entities or simply fading away. It's a testament to the unforgiving nature of the financial markets.
Notable Former Investment Banks
Here's a look at some of the significant investment banking and brokerage firms that have been liquidated, acquired, or merged, and no longer operate under their original names. Their stories are a crucial part of financial history.
Firm Fate A.G. Becker & Co. acquired by Merrill Lynch in 1984 A.G. Edwards acquired by Wachovia in 2007 Alex. Brown & Sons ultimately part of Deutsche Bank, survives as minor business unit The Argosy Group acquired by Canadian Imperial Bank of Commerce in 1995 Babcock & Brown collapsed 2009, liquidation of its assets BancAmerica Robertson Stephens acquired by NationsBank in 1998 and integrated into NationsBanc Montgomery Securities to form Banc of America Securities Barings collapsed 1995; assets acquired by ING Bank Bear Stearns collapsed 2008; assets acquired by JPMorgan Chase Blyth, Eastman Dillon & Co. merged with Paine Webber in 1979 Bowles Hollowell Connor & Co. acquired by First Union in 1998 Brown Bros. & Co. merged with Harriman Brothers & Company in 1931 to form Brown Brothers Harriman & Co. BT Alex. Brown acquired by Deutsche Bank in 1999 to form Deutsche Bank Alex. Brown C.E. Unterberg, Towbin acquired by Collins Stewart in 2007 Commodities Corporation acquired by Goldman Sachs in 1997 and renamed Goldman Sachs Princeton Dain Rauscher Wessels bought by Royal Bank of Canada in 2000 Dean Witter Reynolds merged with Morgan Stanley to form Morgan Stanley Dean Witter, subsequently the Dean Witter name was eliminated Dillon, Read & Company acquired by Swiss Bank Corporation in 1997, and is ultimately part of UBS AG Donaldson, Lufkin & Jenrette acquired by Credit Suisse in 2001 Drexel Burnham Lambert liquidated 1990 E.F. Hutton & Co. acquired by Shearson Lehman/American Express in 1988, ultimately part of Lehman Brothers First Boston Corporation merged with Credit Suisse in 1988 to form CS First Boston, renamed "Credit Suisse First Boston" in 1996 and "Credit Suisse" in 2006 First Union Securities acquired by Wachovia in 2002 to form Wachovia Securities G.H. Walker & Co. acquired by White Weld & Co in 1974 and ultimately part of Merrill Lynch Giuliani Capital Advisors the investment banking division of Giuliani Partners was sold to Macquarie Group in 2007 Goodbody & Co. merged into Merrill Lynch in 1970 Gruntal & Co. acquired by Ryan Beck & Co. in 2002 H.B. Hollins & Co. liquidated in 1913 Halsey, Stuart & Co. ultimately part of Wachovia Hambrecht & Quist acquired by Chase Manhattan Bank in 1999 and ultimately part of JPMorgan Chase; H&Q name continues as investment advisor Hambros Bank acquired by Société Générale in 1998 Harriman Brothers & Company merged with Brown Bros. & Co. in 1931 to form Brown Brothers Harriman & Co. Hayden, Stone & Co. acquired Shearson Hammill & Co. in 1974 and assumed the Shearson name; ultimately acquired by American Express in 1981. HBOS acquired by Lloyds TSB to form the Lloyds Banking Group in 2009 Hill Samuel acquired by Trustee Savings Bank (TSB) in 1987 later Lloyds TSB Hornblower & Weeks investment bank acquired by Loeb, Rhoades & Co. in 1977 and ultimately part of Shearson/American Express J.&W. Seligman & Co. investment bank ultimately part of UBS AG; continues as asset manager J.C. Bradford & Co. acquired by PaineWebber in 2000, ultimately part of UBS AG John Nuveen & Co. IBD acquired by Piper Jaffray in 1999; company continues as asset management house under Nuveen Investments, which is controlled by private equity firm Madison Dearborn Partners Kaufman Bros. Ceased operations in 2012 Keefe, Bruyette & Woods acquired by Stifel in 2012, still maintain independent branding Kidder, Peabody & Co. acquired by General Electric Corporation in 1986, subsequently resold to PaineWebber in 1994 and ultimately part of UBS AG Kleinwort Benson acquired by Dresdner Bank in 1995 Kuhn, Loeb & Co. ultimately part of Lehman Brothers L.F. Rothschild ultimately part of C.E. Unterberg, Towbin, with parts sold to Oppenheimer; not to be confused with Rothschild & Co (the result of a merger of the British N.M. Rothschild & Sons with the French Rothschild & Cie); see Rothschild family Lee, Higginson & Co. liquidated 1932 Lehman Brothers bankrupt in 2008, asset sold to Barclays Capital and Nomura Holdings Llama Company ultimately defunct in 1998 after departure of Alice Walton Loeb, Rhoades & Co. acquired by Shearson Hammill & Co. to form Shearson Loeb Rhoades in 1979 which was later acquired by American Express in 1981 to form Shearson/American Express Mendelssohn & Co. aryanized by the Nazis in 1938, sold in parts to Deutsche Bank Merrill Lynch & Co. acquired by Bank of America in 2008 and integrated into Banc of America Securities to form Bank of America Merrill Lynch Miller Buckfire & Co. acquired by Stifel in 2012, still maintains independent branding Montgomery Securities acquired by NationsBank in 1997 and integrated into NationsBanc Capital Markets to form NationsBanc Montgomery Securities Morgan & Cie acquired by Morgan Stanley in 1967 and incorporated as Morgan et Compagnie International in Morgan Stanley International Incorporated in 1975 Monnet, Murnane & Co. liquidated 1945 Morgan Grenfell acquired by Deutsche Bank in 1990 Morgan, Harjes & Co. renamed Morgan & Cie in 1926 and acquired by Morgan Stanley in 1926 Paine Webber acquired by UBS AG in 2000. Park Ryan liquidated 1979 Prudential Securities acquired by Wachovia in 2003 Reynolds Securities merged with Dean Witter & Co. in 1978 to form Dean Witter Reynolds, subsequently merged with Morgan Stanley Robert Fleming & Co. acquired by JPMorgan Chase in 2000. Robertson Stephens acquired by BankAmerica in 1997 and integrated into BancAmerica Securities to form BancAmerica Robertson Stephens. Sold again in 1998 to BankBoston (later FleetBoston Financial and would operate as Robertson Stephens from 1998–2002, when the firm was shuttered after the collapse of the Internet bubble Roosevelt & Son Broken up into three firms in 1934: Roosevelt & Son (liquidated), Roosevelt & Weigold (today operates as Roosevelt & Cross); and Dick & Merle Smith Ryan Beck & Co. acquired by Stifel in 2007 S. G. Warburg & Co ultimately part of UBS AG; not to be confused with M.M. Warburg or Warburg Pincus; see Warburg family Salomon Brothers acquired by Travelers Group in 1997, ultimately part of Citigroup Schroders investment bank bought by Citigroup in 2000; continues as asset manager Shearson/American Express acquired Lehman Brothers Kuhn Loeb in 1984 to form Shearson Lehman/American Express, later Shearson Lehman Hutton and Shearson Lehman Brothers Shearson, Hammill & Co. renamed Shearson Loeb Rhoades after the 1979 acquisition of Loeb, Rhoades & Co. in 1979; acquired by American Express in 1981 to form Shearson/American Express Shearson Lehman Hutton renamed Shearson Lehman Brothers in 1990 and split up in 1993 with the IPO of Lehman Brothers and the sale of the retail and brokerage operations to Primerica Soundview Technology Group Acquired by Charles Schwab in 2003. Swiss Bank Corporation merged with Union Bank of Switzerland to form UBS AG Union Bank of Switzerland merged with Swiss Bank Corporation to form UBS AG Wachovia Securities acquired by Wells Fargo in 2008 and renamed Wells Fargo Securities Wasserstein Perella & Co. bought by Dresdner Bank in 2000. Wertheim & Co. acquired by Schroders, and ultimately by Salomon Smith Barney White Weld & Co. bought by Merrill Lynch in 1978. Wood Gundy acquired by the Canadian Imperial Bank of Commerce in 1987, operating as CIBC Wood Gundy before becoming CIBC World Markets in 1997
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List of investment banks
Most large investment banks maintain central offices in financial centers. Pictured: Lower Manhattan
The following list catalogues the largest, most profitable, and otherwise notable investment banks. This list of investment banks notes full-service banks, financial conglomerates, independent investment banks, private placement firms and notable acquired, merged, or bankrupt investment banks. As an industry it is broken up into the Bulge Bracket (upper tier), Middle Market (mid-level businesses), and boutique market (specialized businesses).
Largest full-service investment banks
List of investment banks
The following are the largest full-service global investment banks; full-service investment banks usually provide both advisory and financing banking services, as well as sales, market making, and research on a broad array of financial products, including equities, credit, rates, currency, commodities, and their derivatives. Based on data from London Stock Exchange Group, the largest investment banks by fees in 2024 are as follows:
Many of the largest investment banks are considered among the "bulge bracket banks" and as such underwrite the majority of financial transactions in the world. Additionally, banks seeking more deal flow with smaller-sized deals with comparable profitability are known as "middle market investment banks" (known as boutique or independent investment banks).
Financial conglomerates
List of investment banks
Large financial-services conglomerates combine commercial banking, investment banking, and sometimes insurance. Such combinations were common in Europe but illegal in the United States prior to the passage of the Gramm-Leach-Bliley Act of 1999. The following are large investment banking firms (not listed above) that are affiliated with large financial institutions:
Private placement companies
List of investment banks
Private placement agents, including companies that specialize in fundraising for private equity funds:
• Asante Capital • Campbell Lutyens • Probitas Partners • Rede Partners
Other notable advisory and capital markets firms
List of investment banks
The following is a list of other boutique advisory firms and capital markets firms that have some notability:
• BDO International (BDO Capital Advisors) • Berkery, Noyes & Co • RBC Brewin Dolphin • Capital One (Capital One Securities) • Deloitte (Deloitte Corporate Finance) • Duff & Phelps • Ernst & Young (Ernst & Young Capital Advisors) • KPMG (KPMG Corporate Finance) • PwC (PwC Corporate Finance) • Roth MKM
Notable former investment banks and brokerages
List of investment banks
The following are notable investment banking and brokerage firms that have been liquidated, acquired or merged and no longer operate under the same name.
<table><thead><tr><th>Firm</th><th>Fate</th></tr></thead><tbody><tr><td>A.G. Becker & Co.</td><td>acquired by Merrill Lynch in 1984</td></tr><tr><td>A.G. Edwards</td><td>acquired by Wachovia in 2007</td></tr><tr><td>Alex. Brown & Sons</td><td>ultimately part of Deutsche Bank, survives as minor business unit</td></tr><tr><td>The Argosy Group</td><td>acquired by Canadian Imperial Bank of Commerce in 1995</td></tr><tr><td>Babcock & Brown</td><td>collapsed 2009, liquidation of its assets</td></tr><tr><td>BancAmerica Robertson Stephens</td><td>acquired by NationsBank in 1998 and integrated into NationsBanc Montgomery Securities to form Banc of America Securities</td></tr><tr><td>Barings</td><td>collapsed 1995; assets acquired by ING Bank</td></tr><tr><td>Bear Stearns</td><td>collapsed 2008; assets acquired by JPMorgan Chase</td></tr><tr><td>Blyth, Eastman Dillon & Co.</td><td>merged with Paine Webber in 1979</td></tr><tr><td>Bowles Hollowell Connor & Co.</td><td>acquired by First Union in 1998</td></tr><tr><td>Brown Bros. & Co.</td><td>merged with Harriman Brothers & Company in 1931 to form Brown Brothers Harriman & Co.</td></tr><tr><td>BT Alex. Brown</td><td>acquired by Deutsche Bank in 1999 to form Deutsche Bank Alex. Brown</td></tr><tr><td>C.E. Unterberg, Towbin</td><td>acquired by Collins Stewart in 2007</td></tr><tr><td>Commodities Corporation</td><td>acquired by Goldman Sachs in 1997 and renamed Goldman Sachs Princeton</td></tr><tr><td>Dain Rauscher Wessels</td><td>bought by Royal Bank of Canada in 2000</td></tr><tr><td>Dean Witter Reynolds</td><td>merged with Morgan Stanley to form Morgan Stanley Dean Witter, subsequently the Dean Witter name was eliminated</td></tr><tr><td>Dillon, Read & Company</td><td>acquired by Swiss Bank Corporation in 1997, and is ultimately part of UBS AG</td></tr><tr><td>Donaldson, Lufkin & Jenrette</td><td>acquired by Credit Suisse in 2001</td></tr><tr><td>Drexel Burnham Lambert</td><td>liquidated 1990</td></tr><tr><td>E.F. Hutton & Co.</td><td>acquired by Shearson Lehman/American Express in 1988, ultimately part of Lehman Brothers</td></tr><tr><td>First Boston Corporation</td><td>merged with Credit Suisse in 1988 to form CS First Boston, renamed "Credit Suisse First Boston" in 1996 and "Credit Suisse" in 2006</td></tr><tr><td>First Union Securities</td><td>acquired by Wachovia in 2002 to form Wachovia Securities</td></tr><tr><td>G.H. Walker & Co.</td><td>acquired by White Weld & Co in 1974 and ultimately part of Merrill Lynch</td></tr><tr><td>Giuliani Capital Advisors</td><td>the investment banking division of Giuliani Partners was sold to Macquarie Group in 2007</td></tr><tr><td>Goodbody & Co.</td><td>merged into Merrill Lynch in 1970</td></tr><tr><td>Gruntal & Co.</td><td>acquired by Ryan Beck & Co. in 2002</td></tr><tr><td>H.B. Hollins & Co.</td><td>liquidated in 1913</td></tr><tr><td>Halsey, Stuart & Co.</td><td>ultimately part of Wachovia</td></tr><tr><td>Hambrecht & Quist</td><td>acquired by Chase Manhattan Bank in 1999 and ultimately part of JPMorgan Chase; H&Q name continues as investment advisor</td></tr><tr><td>Hambros Bank</td><td>acquired by Société Générale in 1998</td></tr><tr><td>Harriman Brothers & Company</td><td>merged with Brown Bros. & Co. in 1931 to form Brown Brothers Harriman & Co.</td></tr><tr><td>Hayden, Stone & Co.</td><td>acquired Shearson Hammill & Co. in 1974 and assumed the Shearson name; ultimately acquired by American Express in 1981.</td></tr><tr><td>HBOS</td><td>acquired by Lloyds TSB to form the Lloyds Banking Group in 2009</td></tr><tr><td>Hill Samuel</td><td>acquired by Trustee Savings Bank (TSB) in 1987 later Lloyds TSB</td></tr><tr><td>Hornblower & Weeks</td><td>investment bank acquired by Loeb, Rhoades & Co. in 1977 and ultimately part of Shearson/American Express</td></tr><tr><td>J.&W. Seligman & Co.</td><td>investment bank ultimately part of UBS AG; continues as asset manager</td></tr><tr><td>J.C. Bradford & Co.</td><td>acquired by PaineWebber in 2000, ultimately part of UBS AG</td></tr><tr><td>John Nuveen & Co.</td><td>IBD acquired by Piper Jaffray in 1999; company continues as asset management house under Nuveen Investments, which is controlled by private equity firm Madison Dearborn Partners</td></tr><tr><td>Kaufman Bros.</td><td>Ceased operations in 2012</td></tr><tr><td>Keefe, Bruyette & Woods</td><td>acquired by Stifel in 2012, still maintain independent branding</td></tr><tr><td>Kidder, Peabody & Co.</td><td>acquired by General Electric Corporation in 1986, subsequently resold to PaineWebber in 1994 and ultimately part of UBS AG</td></tr><tr><td>Kleinwort Benson</td><td>acquired by Dresdner Bank in 1995</td></tr><tr><td>Kuhn, Loeb & Co.</td><td>ultimately part of Lehman Brothers</td></tr><tr><td>L.F. Rothschild</td><td>ultimately part of C.E. Unterberg, Towbin, with parts sold to Oppenheimer; not to be confused with Rothschild & Co (the result of a merger of the British N.M. Rothschild & Sons with the French Rothschild & Cie); see Rothschild family</td></tr><tr><td>Lee, Higginson & Co.</td><td>liquidated 1932</td></tr><tr><td>Lehman Brothers</td><td>bankrupt in 2008, asset sold to Barclays Capital and Nomura Holdings</td></tr><tr><td>Llama Company</td><td>ultimately defunct in 1998 after departure of Alice Walton</td></tr><tr><td>Loeb, Rhoades & Co.</td><td>acquired by Shearson Hammill & Co. to form Shearson Loeb Rhoades in 1979 which was later acquired by American Express in 1981 to form Shearson/American Express</td></tr><tr><td>Mendelssohn & Co.</td><td>aryanized by the Nazis in 1938, sold in parts to Deutsche Bank</td></tr><tr><td>Merrill Lynch & Co.</td><td>acquired by Bank of America in 2008 and integrated into Banc of America Securities to form Bank of America Merrill Lynch</td></tr><tr><td>Miller Buckfire & Co.</td><td>acquired by Stifel in 2012, still maintains independent branding</td></tr><tr><td>Montgomery Securities</td><td>acquired by NationsBank in 1997 and integrated into NationsBanc Capital Markets to form NationsBanc Montgomery Securities</td></tr><tr><td>Morgan & Cie</td><td>acquired by Morgan Stanley in 1967 and incorporated as Morgan et Compagnie International in Morgan Stanley International Incorporated in 1975</td></tr><tr><td>Monnet, Murnane & Co.</td><td>liquidated 1945</td></tr><tr><td>Morgan Grenfell</td><td>acquired by Deutsche Bank in 1990</td></tr><tr><td>Morgan, Harjes & Co.</td><td>renamed Morgan & Cie in 1926 and acquired by Morgan Stanley in 1926</td></tr><tr><td>Paine Webber</td><td>acquired by UBS AG in 2000.</td></tr><tr><td>Park Ryan</td><td>liquidated 1979</td></tr><tr><td>Prudential Securities</td><td>acquired by Wachovia in 2003</td></tr><tr><td>Reynolds Securities</td><td>merged with Dean Witter & Co. in 1978 to form Dean Witter Reynolds, subsequently merged with Morgan Stanley</td></tr><tr><td>Robert Fleming & Co.</td><td>acquired by JPMorgan Chase in 2000.</td></tr><tr><td>Robertson Stephens</td><td>acquired by BankAmerica in 1997 and integrated into BancAmerica Securities to form BancAmerica Robertson Stephens. Sold again in 1998 to BankBoston (later FleetBoston Financial and would operate as Robertson Stephens from 1998–2002, when the firm was shuttered after the collapse of the Internet bubble</td></tr><tr><td>Roosevelt & Son</td><td>Broken up into three firms in 1934: Roosevelt & Son (liquidated), Roosevelt & Weigold (today operates as Roosevelt & Cross); and Dick & Merle Smith</td></tr><tr><td>Ryan Beck & Co.</td><td>acquired by Stifel in 2007</td></tr><tr><td>S. G. Warburg & Co</td><td>ultimately part of UBS AG; not to be confused with M.M. Warburg or Warburg Pincus; see Warburg family</td></tr><tr><td>Salomon Brothers</td><td>acquired by Travelers Group in 1997, ultimately part of Citigroup</td></tr><tr><td>Schroders</td><td>investment bank bought by Citigroup in 2000; continues as asset manager</td></tr><tr><td>Shearson/American Express</td><td>acquired Lehman Brothers Kuhn Loeb in 1984 to form Shearson Lehman/American Express, later Shearson Lehman Hutton and Shearson Lehman Brothers</td></tr><tr><td>Shearson, Hammill & Co.</td><td>renamed Shearson Loeb Rhoades after the 1979 acquisition of Loeb, Rhoades & Co. in 1979; acquired by American Express in 1981 to form Shearson/American Express</td></tr><tr><td>Shearson Lehman Hutton</td><td>renamed Shearson Lehman Brothers in 1990 and split up in 1993 with the IPO of Lehman Brothers and the sale of the retail and brokerage operations to Primerica</td></tr><tr><td>Soundview Technology Group</td><td>Acquired by Charles Schwab in 2003.</td></tr><tr><td>Swiss Bank Corporation</td><td>merged with Union Bank of Switzerland to form UBS AG</td></tr><tr><td>Union Bank of Switzerland</td><td>merged with Swiss Bank Corporation to form UBS AG</td></tr><tr><td>Wachovia Securities</td><td>acquired by Wells Fargo in 2008 and renamed Wells Fargo Securities</td></tr><tr><td>Wasserstein Perella & Co.</td><td>bought by Dresdner Bank in 2000.</td></tr><tr><td>Wertheim & Co.</td><td>acquired by Schroders, and ultimately by Salomon Smith Barney</td></tr><tr><td>White Weld & Co.</td><td>bought by Merrill Lynch in 1978.</td></tr><tr><td>Wood Gundy</td><td>acquired by the Canadian Imperial Bank of Commerce in 1987, operating as CIBC Wood Gundy before becoming CIBC World Markets in 1997</td></tr></tbody></table>