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2020 | OriginalPaper | Buchkapitel

3. Preston in Charge

verfasst von : Nicholas P. Sargen

Erschienen in: JPMorgan’s Fall and Revival

Verlag: Springer International Publishing

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Abstract

Preston’s pedigree was similar to his predecessors, although as a former Marine he was less genteel. He had excellent credentials to run the bank with a background in both domestic lending and international banking and finance. As the head of Morgan’s London office in the mid-1960s, he was present during the origins of the Eurocurrency markets. He also forged a close partnership with Dennis Weatherstone, an astute currency trader. Preston brought Weatherstone to New York to head foreign exchange, the Treasury Division and eventually to become his successor. Preston was instrumental in expanding Morgan’s lending to sovereign borrowers during the 1970s along with Citibank, Chase and other money center banks.

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Preston’s ancestors settled into their new home at Smithfield plantation in 1774 and had twelve children. Their offspring founded Virginia Military Institute (adjacent to Smithfield) in 1836 and also had ties with the University of Virginia.

The retrospective published by his colleagues at the World Bank after his death indicates he was a member of the US Olympic squad in 1952, but there is no record of this.

Chernow, op. cit., p. 544.

Somewhat surprisingly, Morgan Grenfell, which had been an important part of the Morgan banking family’s history in London, was a bit player in the Eurobond market, even though JPMorgan retained a 30% stake in the firm.

James Freeman and Vern McKinley, Borrowed Time, Harper Business, 2018, p. 200.

JPMorgan Chase & co., op. cit., p. 13.

Funding Universe, Chemical Banking Corporate History.

Chernow, op. cit. pp. 234–6.

Ibid., p. 236.

I am grateful to Bill Vogt for relating these stories.

Titel: Preston in Charge
verfasst von: Nicholas P. Sargen
Verlag: Springer International Publishing
Buch: JPMorgan’s Fall and Revival
Print ISBN: 978-3-030-47057-9

Electronic ISBN: 978-3-030-47058-6

Copyright-Jahr: 2020
DOI: https://doi.org/10.1007/978-3-030-47058-6_3