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the roller banks is actually pretty simple it's to take money from those who have it and give it to those who need it [Music] that's how the economy works that's how things grow morgan center has been the center of global finance for nearly nine decades that's worth talking about it's worth understanding it's worth learning from we're proud of our heritage proud of our commitment to our communities proud of the way we as a firm have come together to make morgan sandy the place it is today and this is the story of morgan stanley in the late 19th and early 20th centuries modern industrial america was born the rapid transformation of the country and the economy was led by the most important banker of the era john pierpont morgan j.p morgan at the turn of the century was you know a mythic figure in the financial markets of the united states unrivaled in influence his most valuable asset was his reputation his unblemished character and integrity he earned not only vast personal wealth but the absolute loyalty of his many clients he had a renowned quote the first thing is character before money or anything else money cannot buy it the bank built on his name and legacy was passed on to his son jack in 1913 in the first decades of the last century not all banks shared the jp morgan commitment to integrity black tuesday the new york stock exchange is in a panic an age of cowboy capitalism ended in the stock market crash of 1929 and led to the great depression the country is in crisis 25 unemployment almost every state had shut down their banks and there's a certain anger in the public against wall street and the banking sector fdr was elected with a mandate for radical change he is clearly looking to put in place regulation of the banks and of wall street there was not a single piece of legislation that governed the basic business of selling stocks and bonds some banks had been accused of using customers deposits to fund speculative investments at fdr's urging congress made up new rules banks had to follow the banking act of 1933 known as glass-steagall banks couldn't be both a commercial bank and an investment bank you had to pick it would effectively fracture the jp morgan banking empire the banks were given basically one year to decide which way they wanted to go so jp morgan was presented with a choice and ultimately jp morgan decided that they would forego investment banking and securities trading that they would retain traditional commercial banking but in 1935 a longtime j.p morgan client american telephone and telegraph a t needed financing and still wanted the house of morgan in spite of the new rules to figure it out there was a secret meeting on the porch of morgan partner thomas lamont's house in coastal maine in august 1935. they said gee we're really leaving behind an opportunity to serve clients well we as an institution can't do it we either let somebody else fill that vacuum or we fill it ourselves and they put their minds together what would it take at the meeting it was decided that several partners including jp morgan's grandson henry would leave the bank and form a new one no one knew if it would work [Music] on september 16 1935 the investment bank morgan stanley was open for business henry morgan harold stanley william ewing edward york perry hall and john young moved into new offices at number two wall street when we opened there were roughly 30 employees jp morgan sent 18 rolltop desks down it was just a small firm each person had his own desk and a wooden chair if you want to get a cushion you bought it that was bare bones mr morgan held a partnership together mr morgan's phrase of first-class business in a first-class way was the mantra of the firm and if mr morgan said something you listened carefully harold stanley was really the senior partner in the sense that he was the business partner his ethic was so strong that uh he would throw a senior partner out of a partners meeting for swearing he just had these values where you you live a certain certain life harold stanley was a trusted banker i mean people told harold stanley things before they toured the chief executive or the board they wanted his opinion and he had very good relationships with railroads and public utilities which were the only issuers of securities during this period of time those relationships paid off just a week after opening morgan stanley debuted with a 19 million dollar bond offering for consumers power company the first year in business was absolutely astonishing they handled more than a billion dollars in underwriting and captured one quarter of the business on wall street loyal clients had followed the morgan name and reputation propelling the new firm to a remarkable beginning whenever the firm had done extremely well the partners would call a meeting on the platform and harry morgan would say we've done reasonably well and we'd like to offer you a month's salary as a bonus yes sir and then we go back to our desk but in 1939 world war ii erupted in europe america's industrial base began an all-out shift to war production financed by government contracts the securities business ground to a virtual halt i'm told that in the second world war they rank the industry their criticality to defense and investment banking rated just below florists at the firm the focus for many including the leadership shifted to finding ways to support the war effort and give back harold stanley joined first lady eleanor roosevelt's campaign to evacuate refugee children from europe raising 1.5 million dollars and when the u.s joined the fighting others reported for duty henry morgan served as a commander at the naval command office of strategic services the predecessor to the cia on august 15 1945 the war was over but europe was in ruins a 50 million dollar bond to begin europe's reconstruction was issued through the newly formed world bank and morgan stanley was chosen to co-manage it with first boston it was the first time the firm would break its long-held policy of only accepting the position of sole manager it was imperative to rebuild europe and to have the wheels of commerce begin to turn over again we did a lot of financing for the world bank both through public markets and private markets [Music] in america tremendous industrial capacity had been created for the war effort but government contracts were cancelled in peace time it became a moment of opportunity for investment banks we did a large debt and equity offering for example for gm and they used the proceeds of that to build their next generation of cars and better brakes and more safety features also in the 50s we did a couple of large financings for ibm as they began to grow their computing business and the future of the technology new capital raised through investment banks fueled the post-war boom launching an unprecedented era of american prosperity companies built plants hired workers and churned out innovative products what better to be an investment banker you know who was in that flow being a part of the important decisions that have to do with what companies get the money and what companies don't and i always had a strong personal point of view that i liked to work on deals where i thought the outcome was going to be important i like companies that were making stuff that made a difference tools that help people live their lives