Salomon Brothers, a Wall Street firm notorious for its excesses and scandals, which has appeared in books like “Liars Poker” and “Barbarians At The Gate,” is now being revived in 2022.
Salomon Brothers was founded in 1910 and was one of the largest investment banks on Wall Street. She is best known for her fixed income trading division. The Salomon Brothers went wild at the height of Wall Street in the ’80s, then became embroiled in controversy, eventually popping up in the ’90s.
As a result of various controversies, it went through a series of acquisitions and mergers between 1981 and 1997. Eventually, it merged with Citigroup, and adopted its name in 2003.
Even since then, the name “Salomon” has retained its allure. according to The Wall Street JournalEven after the merger, investors were (until late 2009) calling Citi and asking for the name “Salomon”.
In an attempt to get around this, a group of former employees are now using the stored name to launch their new company.
The “full-service investment bank” will target mid-market companies in New York State and is looking to raise $3 to $300 million in capital, according to a public statement. The statement also said Salomon Brothers plans to hire hundreds of employees in the next few years.
As its president, R Adam Smith said: “Salomon Brothers is a legendary name with a massive following” in an interview.
“We are honored to carry this legacy on our shoulders and share it with the bankers.”
Smith said the idea for Salomon 2.0 occurred about three years ago, and that his group acquired the branding from an undisclosed third party. He did not share the terms of the deal.
In Smith’s LinkedIn profile, he says the new incarnation of Salomon Brothers will provide corporate finance and capital market services, and help New York businesses recover from the pandemic.
“Salomon Brothers is an independent investment banking company. The company provides corporate finance and capital markets services. It has launched a major initiative to help companies in New York recover from the pandemic, and its subsidiary provides a cutting-edge financial technology trading platform for quoting New York companies.”
His profile also states: “Modern Salomon Brothers plans to grow rapidly and in honor of the legacy of Salomon Brothers, which was founded in 1910 and was once one of the largest financial services companies on Wall Street. For over 25 years, this company has consistently been among the top ten in the rankings tables. for banking and capital markets. The company was merged with Travelers in 1998 and eventually merged with Citigroup.”
He adds: “Today, Salomon Brothers is an independent company that is not affiliated with any bank. With more than 7,000 living graduates, many of whom are senior in their field, the company plans to grow rapidly. We are determined to see the Salomon Brothers name once again at the top of the rankings.”
This is not the first time that modern bankers have looked to take advantage of history to gain an advantage in the contemporary market.
as luck Reports, “Kingswood Capital Markets bought the trademark for the name of popular brokerage EF Hutton last year so it could rebrand. Meanwhile, investment bank Independence Point Advisors jokingly used the codename “Salomon Sisters,” a reference to Wall Street history And the fact that the company is primarily owned and operated by women and minorities.”
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