Reynolds Securities
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Dean Witter Reynolds was an American stock brokerage and securities firm catering to a variety of clients. Prior to the company's acquisition, it was among the largest firms in the securities industry with over 9,000 account executives (ranking third in the US in 1996) and was among the largest members of the New York Stock Exchange.
Nov 10, 2022 · John Mack, former CEO of Morgan Stanley, recalls the challenges and failures of the 1997 merger with Dean Witter Reynolds, a brokerage firm. He explains the cultural clash, the legal problems and the departure of Philip Purcell, the former Dean Witter CEO.
Morgan Stanley and Dean Witter merged in 1997, creating America's largest asset management company and securities firm in terms of equity capital. The resulting name, Morgan Stanley, Dean Witter, Discover & Company, was shortened to Morgan Stanley in March 2001.
In 1978 Reynolds and Witter joined forces in what was then the largest merger in the history of the U.S. securities industry. Both firms were industry leaders and neither had posted a loss since they had opened their doors. The resultant company, Dean Witter Reynolds, was the fifth largest broker in the United States.
Dean Witter Reynolds was a financial services company that was founded in 1924 in New York City. It was named after its founder, Dean Witter, who was a pioneer in the field of securities research and analysis.
Dean Witter Reynolds was a retail securities firm that merged with Morgan Stanley in 1997. It provided investment banking, brokerage, mutual funds and asset management services to over 3.2 million clients in the US.
Dean Witter - Morgan Stanley form No. 1 securities firm John Mack, then president of Morgan Stanley, agreed that the synergies were compelling. At the time of the merger, Dean Witter had more than 360 branch offices with 9,000 Account Executives.
