american stock firm catering retail clients prior acquisition largest retail firms industry account executives ranking largest members company served million clients primarily provided debt equity mutual funds saving investment products individual investors company asset management arm total assets billion prior acquisition largest asset management operations parent company discover inc owned merged investment banking house form combined firm later dropped retail operations transferred joint venture years company corporate slogan measure success investor time later adopted business overview prior merger financial services organization provided broad range investment consumer credit investment products services operated lines business including investment banking credit services operations primarily focused following summary financial results prior merger business traditional business service company maintained network account executives largest members member major options exchanges offered broad range savings products supported firm research activities order execution closely related business provided investment consulting services individual investors firm managed approximately billion assets consulting business end business focused segments equity dean provided order execution stock trading equity research services primarily individual investors institutional clients equity acted market maker specialist exchanges research department provided economic analysis commentary market research making recommendations regard broad individual companies industry sectors fixed income dean provided trading order execution services broad range fixed income including bonds mortgage backed corporate bonds municipal bonds certificates deposit company primary dealer bonds firm largely trading focusing trading activity establishing maintaining inventory provided order execution clearing services trading contracts investment banking operated investment banking firm merger like peers provides range advisory services corporate clients including acquisitions company generally commit capital merchant banking transactions firm maintained strong connection investment banking business core business focused individual investors result investment banking division involved research development investment products focused individual investors including limited partnerships retail oriented products company subsidiary billion assets management december largest investment management businesses credit cards active issuance credit cards business today operates company widely held general purpose credit card generated majority revenues net income prior merger credit cards business accounted company net income respectively addition company operated mid-1990s largest domestic credit card network consisted merchant cash locations accept card brands carry logo addition network included history traced origins firms founded later founded founded retail firm original offices montgomery street san_francisco california largest west_coast firms original partners brother guy cousins prior founding firm partnered found san_francisco based departure continue ultimately acquired firms remain competitors decades family moved wisconsin settling california founding firms worked salesman graduation lead company death early years focused dealing municipal corporate bonds company highly successful years purchasing seat opening office new_york purchasing seat relatively young company survived wall street crash great depression posting profits year 1930s 1940s company grew rapidly 1950s 1960s establishing major house developing reputation innovation industry established national research department retail firm offer formal training account executives firm entered agreement merge chicago investment banking firm spun passage glass act early 1950s investment banking firms named investigation wall street commonly known investment case firm use electronic data processing feat paved way handling wall street following death retirement following year son ceo numerous firm acquisitions went public initial public offering shortly rush wall street firms sell interest privately held businesses public investors following initial public offering early founded new_york_city year old tobacco heir father founded later wrap great uncle founder partners cousin grandson older brother like company survived depression generating profit year acquired acquisition sales shifted emphasis passed leadership generation departing naming head firm major expansion acquiring offices acquired offices opened firms new regions early 1960s incorporated advance initial public offering early speculation sell shares public initial public offering shortly rush wall street firms sell interest privately held businesses public investors following initial public offering sophisticated high speed wire system industry firm continuing expansion acquiring international offices switzerland year later acquired strength research time merger employees offices producing gross revenues nearly million dean merger acquisition merged form largest industry merger history resultant company fifth largest broker year later firm offices states washington completion merger generated revenue million acquired million transaction core retail business facing challenges company decided new businesses including financial services financial services business ownership announced major acquisition initiative financial services addition acquisition acquired real estate company intended form foundation larger available customers company retail stores named strategic headquarters consultant head moved new_york run operation office time acquisition retail broker force account executives locations employees total year ended generated million revenue ownership firm launched new brand credit card outside established networks unlike attempts creating credit card rival choice card discover card quickly gained large national consumer base carried annual fee uncommon time offered typically higher credit limit similar cards earn bonus percentage spent account originally high depending card discover offered merchant fees significantly lower widely accepted credit cards eventually discover grew largest credit card financial services initiative proved highly successful discover grew late 1980s early 1990s furthermore substantial investment discover business began pay business highly profitable early 1990s period rapid growth strategy focusing distribution mutual funds extensive retail network began bear fruit core business discover business generated combined revenue billion announced seek investment public offering company spun shareholders company subsequently renamed primary operating later year remaining shares distributed shareholders giving complete independence corporate headquarters located new_york_city firm occupied square feet tenants offices evacuated result world trade center bombing took place firm following firm merger firm headquarters moved broadway edge new_york time square large presence september big company online trading business bought small san_francisco based outfit called merger merged form largest global financial services firms prominent partner focus retail investors mutual funds credit cards seen stock market generating stable cash flows investment banking business time merger valuable partner terms market ceo main architect merger chairman chief executive officer merged group merger marked pairing investment banking firm retail owned retailer termed white shoes white order avoid tension integration firms ceo decided choose brand names instead combined names firms brand operations eventually foster brand recognition marketing dropped retail services division leaving current retail operations transferred joint venture acquisition history following illustration company major acquisitions historical predecessors notable alumni sister law research analyst autobiography turned feature film pursuit interned thomas catherine baron moore investment banker
Dean Witter Reynolds