John Gutfreund, Salomon’s Leader in 1980s, Dies at 86 (2)
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John Gutfreund, Salomon’s Leader in 1980s, Dies at 86 (2)
John Gutfreund, who was proclaimed the “King of Wall Street” in 1985 for harnessing the egos and fiefdoms of Salomon Brothers into one of the most profitable investment-banking firms, only to be deposed after a 1991 trading scandal, has died. He was 86.
He died Wednesday at New York Presbyterian/Weill Cornell Medical Center in New York, his son, John Gutfreund, said in a telephone interview. The cause was pneumonia.
As managing partner and later as chairman, Gutfreund (pronounced GOOD-friend) transformed Salomon from a traditional bond-trading firm into a pioneer in businesses such as mortgage-backed securities, under Lewis Ranieri, and computer-driven trading ... (read more)
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