Morgan, Harjes & Co.
| Company type | Private |
|---|---|
| Industry | Investment banking |
| Predecessor | Drexel, Harjes & Co. |
| Founded | 1868 |
| Founder | John H. Harjes, Eugene Winthrop, Anthony J. Drexel |
| Defunct | 1975 |
| Fate | Merged into Morgan Stanley International Incorporated |
| Headquarters | Paris , France |
| Products | Banking, financial services |
Morgan, Harjes & Co. began as Drexel, Harjes & Co., an investment banking firm headquartered in Paris, established in 1868 by John H. Harjes, Eugene Winthrop, and Anthony J. Drexel. In 1871, with the creation of Drexel, Morgan & Co. alongside J. Pierpont Morgan, the company became the French branch of a global banking network that included offices in London, Philadelphia, New York City, and Paris, which ultimately developed into J.P. Morgan & Co.
Drexel, Harjes & Co. (1868-1895)
Soon after its inception, Drexel, Harjes & Co. played a significant role following the Franco-Prussian War by serving as a principal lender to the French government for war indemnities.
The firm was also responsible for transferring $50 million from the United States to France to facilitate French investments in the Panama Canal, paving the way for U.S. construction efforts starting in 1904.
Morgan, Harjes & Co. (1895-1926)
After the passing of Anthony J. Drexel in 1895, control of Drexel, Morgan & Co. passed to J. Pierpont Morgan, who renamed it J.P. Morgan & Co.. At the same time, Drexel, Harjes & Co. adopted the name Morgan, Harjes & Co.
In 1909, John H. Harjes retired and leadership transitioned to his son, Henry Herman Harjes, who had been a partner since 1898.
During World War I, Morgan Harjes was instrumental in securing Allied loans for acquiring U.S. military equipment, playing a vital part in funding the war effort. After the conflict, the firm encountered scrutiny regarding the profitability associated with these wartime loans.
Morgan & Cie. (1926-1975)
The death of Henry Herman Harjes in 1926 marked the end of family leadership; former diplomat John Ridgeley Carter, partner since 1914, assumed senior partnership and the company was renamed Morgan & Cie.
Throughout World War II, Morgan & Cie operated as the only Allied-affiliated bank functioning within occupied Paris.
In 1967, Morgan Guaranty Trust divested two-thirds of its holdings in Morgan & Cie to Morgan Stanley, resulting in the formation of Morgan et Compagnie International—an essential step in Morgan Stanley’s global expansion and one of the rare joint ventures to survive the restrictions imposed by the Glass–Steagall Act.
By 1975, Morgan Stanley unified its overseas operations under Morgan Stanley International Incorporated based in London, incorporating Morgan et Compagnie International into its structure.