17. 9 W 57

When I returned to Morgan at the beginning of 1995, a lot had changed in the eleven years I was away. The magnificent lobby at 23 Wall was gone, and the new headquarters at 60 Wall Street was like many other financial institutions. The Private Bank was located at 9 West 57th Street, and I looked forward to working in midtown. My boss, Susan Bell, headed SDI which stood for Self-Directed Investors. Susan explained that it was the newcomer to the Private Bank which offered brokerage services via JPMorgan Securities. Morgan used the term because brokerage carried the connotation of being a business in which salespeople would take advantage of clients. In a memo to officers of the Private Bank, John Olds shared his vision of the Private Bank which embraced a “buy-side” perspective to managing clients’ assets.