Donaldson, Lufkin & Jenrette

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Donaldson, Lufkin & Jenrette
Former type Corporation
Industry Investment services
Fate Acquired
Successor(s) Credit Suisse First Boston (later Credit Suisse)
Founded 1959
Defunct 2001
Headquarters New York, New York, U.S.
Products Financial Services
Investment Banking

Donaldson, Lufkin & Jenrette or DLJ is a defunct U.S. investment bank founded by William H. Donaldson, Richard Jenrette and Dan Lufkin in 1959. Its businesses included securities underwriting; sales and trading; investment and merchant banking; financial advisory services; investment research; venture capital; correspondent brokerage services; online, interactive brokerage services; and asset management.

In August 2000, DLJ (which was majority owned by AXA Financial) announced that it was being bought by Credit Suisse.[1] The firm was headquartered at 277 Park Avenue in New York City and employed 11,300 people as of July 2000.

History[edit]

Donaldson, Lufkin and Jenrette founded the firm on the principle that no one else on Wall Street was doing high quality independent corporate research. They centered the firm around this notion and became extremely profitable. As research became more of a commodity throughout the 1980s and 1990s they had since expanded into other businesses. One of them was a dominance in high yield fixed income securities in both underwriting and trading by picking up most of the expertise from Drexel Burnham Lambert after its demise in the late 1980s.

Historical DLJdirect logo used from the 1990s for the firm's online brokerage business

DLJ's online brokerage business was first called the Personal Computer Financial Network (PCFN). It was renamed DLJDirect in 1997 and spun off from DLJ in 1999. Following DLJ's acquisition by Credit Suisse, DLJDirect was renamed CSFBDirect. CSFBDirect was renamed HarrisDirect after being sold to the Bank of Montreal in 2002 and was eventually re-sold to E-Trade in early 2006. The Pershing Division of DLJ (Harris) remained until being sold to the Bank of New York in 2003.

Credit Suisse's acquisition of DLJ closed in November 2000 with a purchase price of approximately $11.5 billion. Credit Suisse still uses the DLJ brand for its private equity operations, such as DLJ Merchant Banking Partners, DLJ Investment Partners & DLJ Real Estate Capital Partners entities.[2]

Notable alumni[edit]

See also[edit]


References[edit]

Further reading[edit]

  • Rolfe, John; Peter Troob (2000). Monkey Business: Swinging Through the Wall Street Jungle. New York: Warner Books. ISBN 0-446-52556-1. 
  • Vault Reports (1999). Donaldson, Lufkin & Jenrette. New York: Vault Reports. ISBN 1-58131-016-1. 
  • Wet Feet Press (1998). Donaldson, Lufkin & Jenrette, Inc.: Cash and Culture. San Francisco, CA: Wet Feet Press. ISBN 1-58207-016-4. 
  • Jenrette, Richard H; John S Chalsty (1989). Donaldson, Lufkin & Jenrette Collection of Americana. New York: Donaldson, Lufkin & Jenrette. 
  • Jenrette, Richard H (1997). Jenrette: The Contrarian Manager. New York: McGraw-Hill. ISBN 0-07-032935-4. 

External links[edit]