With the decline of commercial credit services, J.P. Morgan moved into investment banking and by the first quarter 1988, noninterest income from securities and currency trading and management services was only $3 million less than its net interest income of $438 million. However, the October stock market crash has dampened London securities office expansion plans, and securities personnel have departed as strategic priorities shift. The bank pays up to 60% less but offers a more collegial atmosphere than investment banking firms; mergers & acquisitions fees charged by Morgan are lower, too.
Full text: The Economist, May 7, 1988
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