John gutfreund biography
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Salomon Brothers
Former American investment bank
For other uses of the name Salomon, see Salomon.
Salomon Brothers, Inc., was an American multinational bulge bracketinvestment bank headquartered in New York City. It was one of the five largest investment banking enterprises in the United States[2] and a very profitable firm on Wall Street during the 1980s and 1990s. Its CEO and chairman at that time, John Gutfreund, was nicknamed "the King of Wall Street".[3][4][5][6]
Salomon Brothers served many of the largest corporations in America. It was a leading underwriter of corporate bonds and one of the top firms in futures and options (known as "derivatives") and in securitization in a range of asset classes including commercial real estate securities.[7]
The bank was famed for its "cutthroat corporate culture that rewarded risk-taking with massive bonuses, punishing poor results with a swift boot."[8] In Michael Lewis' 1989 book Liar's Poker, the insider descriptions of life at Salomon gave way to the popular view of banking in the 1980s and 1990s as a money-focused and work-intensive environment.[9] It was acquired by Travelers Group in 1997, which in turn became part of Citigroup the next
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Insights
I read a newsletter on and off that always features an obituary. I know a lot of people read them every day, but I find that a little depressing. I wrote about David Bowie’s passing back in January, and at the risk of writing too many obits, I thought I would note the death of John Gutfreund yesterday, who was dubbed the King of Wall Street by BusinessWeek magazine.
Gutfreund was the CEO of Saloman Brothers, or ‘Solly’ as it was known, during its heyday and was featured in Michael Lewis’ first book, Liar’s Poker. You may know Lewis from his more recent books that have turned into movies, including The Big Short, MoneyBall and The Blind Side.
Liar’s Poker is a game of probability and bluffing that was popular on the trading floor, according to Lewis. Gutfreund apparently played his star traders, John Meriwether and the bond arbitrage team on a nearly daily basis and usually lost since Meriwether’s crowd was stronger at math.
On one day, according to Lewis, Gutfreund approached the trading desk and said what has become legend at Saloman Brothers and a visceral part of its corporate identity. He said: “One hand, one million dollars, no tears.”
Meriwether, without missing a beat, replied, “No John, if we’re going to play for those kinds of numbers, I’d rat
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This article enquiry about a banker. For another people, look out over Gutfreund.
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| File:John Gutfreund.jpg | |
| Personal details | |
| Born | John Halle Gutfreund (1929-09-14)September 14, 1929 Scarsdale, New York |
| Died | March 9, 2016(2016-03-09) (aged 86) Manhattan, Different York City |
| Nationality | American |
| Spouse | Writer Low (3 sons) Susan Friend (1 son) |
| Occupation | Investment banker, businessman suggest investor |
| Alma mater | Oberlin College |
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Early life sports ground education[]
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