11. Preston’s Legacy

This chapter assesses Lew Preston’s legacy during his tenure as Morgan’s chairman and CEO. When he stepped down as Morgan’s leader in 1990, Preston was widely regarded as the pre-eminent banker of the era along with Walter Wriston of Citibank. Yet little has been written about him, because he was “almost painfully reticent.” Also, because he was dyslexic, he disliked giving speeches. Preston was widely admired and respected as a decisive leader who oversaw the bank’s expansion globally and who steered it through unprecedented turbulence. Yet, some perceived he never recovered his panache after the Latin American debt crisis. One view is he instinctively knew Morgan’s business model had to change, but he was unsure how to proceed and did not want to make a mistake.