Former BB's
I know debates about which firms qualify as BBs today are always a hot topic here. But it got me thinking, what about the firms that used to be considered BBs but no longer hold that status, or in some cases, don’t even exist anymore?
We all know about some of the infamous cases like:
Credit Suisse: Absorbed by UBS after its struggles escalated into a full-blown crisis.
Lehman Brothers: Synonymous with the 2008 financial crisis and one of the most dramatic collapses in Wall Street history.
Bear Stearns: Another casualty of the 2008 crash, bought by JPMorgan Chase for a fraction of its former value, (also had Jeffery Epstein as a partner at one point).
Drexel Burnham Lambert: Once a major player in junk bonds during the 1980s thanks to Michael Milken, ultimately brought down by scandal and bankruptcy also thanks to Michael Milken.
It’s fascinating to think about how these firms once dominated the financial landscape but are now case studies for what can go wrong in banking.
Does anyone else know of firms that used to be considered BBs but no longer are?
DB
They’re doing well
UBS is embarrassing themselves
are they still doing worse than pre CS?
DLJ (acquired by CS) and Salomon Brothers (acquired by Citi). They have some absolutely insane alumni.
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