Brown Brothers Harriman & Co.
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| Type | Partnership |
|---|---|
| Founded | New York, New York, USA (January 1, 1931) (merger of Brown Bros. & Co. (1818) and Harriman Brothers & Company (1912)) |
| Headquarters | New York, New York |
| Industry | Investment Banking Commercial banking |
| Employees | 4000+ (2008)[1] |
| Website | www.bbh.com |
Brown Brothers Harriman & Co. (BBH) is an old and large private bank in the United States which is particularly notable because of the large number of influential American politicians and government appointees who have worked at the company since its foundation: e.g., W. Averell Harriman, Prescott S. Bush, Robert A. Lovett. Currently the firm has 40 partners and 4,000 staff people globally.[1].
The company was formed on January 1, 1931 by the merger of two banks, Brown Brothers & Co. and Harriman Brothers & Co..
In addition to commercial banking facilities, the firm provides global custody, foreign exchange, private equity, merger and acquisition services, investment management for individuals and institutions, personal trust & estate administration and securities brokerage[1].
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[edit] History
Brown Brothers Harriman and Company began nearly 200 years ago as an importer of linen. It then entered the banking business as a by-product of its success as a dry-goods merchant.[2]
The original Brown bank was founded in Philadelphia in 1818 and was called John A. Brown and Company. A New York branch was opened by a brother of John, James, and the overall business became known as Brown Brothers and Co. The New York office directed most of its efforts to trading with the British branch in Liverpool.[2]
Following the panic of 1837, Brown Brothers withdrew from most of its lending business. Two of the brothers, John and George, sold their shares in the company to the other two brothers, William and James. During the recovery from this economic turmoil, they chose to focus solely on currency exchange and international trade. During the panic of 1857, Brown Brothers was one of the few banks that did not close its doors, and actually supported several banks both in America and England.[2]
On January 1st, 1931, Brown Brothers And Company merged with Harriman Brothers & Company, an investment company started in 1912 with railway money. Its initial partners were:
- W. Averell Harriman
- E. Roland Harriman
- Moreau Delano
- Thatcher M. Brown Sr
- Prescott S. Bush
- Granger Kent Costikyan
- Louis Curtis
- Robert A. Lovett
- Ray Morris
- Knight Woolley
When Time magazine announced this merger in its December 22, 1930 issue, they noted that of the company's 16 founding partners a total of 11 were graduates from Yale University. Eight of the ten initial partners (all except Moreau Delano and Thatcher Brown) were members of Skull and Bones.[3]
The new firm shifted its emphasis from investment banking to commercial banking, investment advisory services and custody.[citation needed]
In 2003, the company's headquarters moved from 59 Wall Street, which it had built and occupied since the 1920s, to the Marine Midland Building at 140 Broadway.
[edit] Locations
The firm has locations in the following fifteen cities around the world:
[edit] References
- ^ a b c http://www.bbh.com/company/bbhtoday.html
- ^ a b c Kouwenhoven, John: Partners in Banking (1968)
- ^ "Skull and Bones Membership List (1833-1985)". http://www.mindfully.org/Reform/Skull-And-Bones1833-1985.htm.
