|COMPANY HISTORY Morgan et Cie
With a legacy dating back to 1799, we have a history of demonstrating leadership during times of both economic growth and financial instability.
Major milestones in the firm's history in France:
1993: J.P. Morgan completes a full-scale renovation of 14, Place Vendome. The renovation modernizes the building’s infrastructure to facilitate installation of new technology and building systems and restores its antique ceiling murals, gilded moldings, and parquet floors.
1959: J.P. Morgan & Co. merges with Guaranty Trust Company of New York to become Morgan Guaranty, consolidating operations of Morgan & Cie Inc. with those of the Guaranty Trust Company’s Paris office.
1945: Morgan & Cie incorporates after 77 years as a partnership.
1929: Guaranty Trust office moves to 4, Place de la Concorde, where it occupies the Hotel Coislin.
1928: Chase National Bank (a firm predecessor) opens a representative office in Paris.
1927: Morgan Harjes & Co. is renamed Morgan & Cie.
1927: Central Union Trust Co. (a firm predecessor) opens a representative office at 22, Place Vendome.
1919: Morgan Harjes, J.P. Morgan’s Paris partnership, officially occupies 14, Place Vendome.
1917: Guaranty Trust Company of New York (a firm predecessor) opens Paris office at 1 and 3 Rue des Italiens.
1916: 14, Place Vendome is bought by J.P.Morgan & Co. The building was designed by architect Jules Mansard and erected in the late 17th century. The façade is now designated a national monument.
1915: During WWI, J.P. Morgan & Co.in New York arranges the largest foreign loan in Wall Street history – a $500 million dollar Anglo-French loan – and acts as purchasing agent in the United States for the Allies. In this capacity, J.P. Morgan places over $3 billion worth of contracts with American suppliers.
1910: Equitable Trust Company of New York (a firm predecessor) opens its Paris branch on the Rue de la Paix, becoming the first American bank branch on the European continent.
1895: J.P. Morgan & Co. succeeds to a 100% interest in Drexel Harjes & Co. of Paris and changes the name to Morgan Harjes & Co. J. Pierpont Morgan is now senior partner of the firm.1870: Junius Morgan, J. Pierpont Morgan’s father and senior partner of J.S. Morgan & Co. in London, sponsors a FF250 million loan for the French government during the Franco-Prussian War. This catapults J.S. Morgan & Co. into the ranks of the world’s preeminent private banks.
1868: Anthony Drexel, a Philadelphia banker, opens Drexel Harjes & Co. at 83 rue Scribe. Drexel Harjes operates as a partnership and serves as the Paris branch of Drexel’s Philadelphia firm, Drexel & Co. J. Pierpont Morgan later becomes a partner.
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