Morgan & Cie.
| Company type | Private |
|---|---|
| Industry | Investment banking |
| Predecessor | Drexel, Harjes & Co. |
| Founded | 1868 |
| Founder | John H. Harjes, Eugene Winthrop, Anthony J. Drexel |
| Defunct | 1975 |
| Successor | Morgan & Cie. |
| Headquarters | Paris , France |
Morgan, Harjes & Co.—initially known as Drexel, Harjes & Co.—was an investment banking institution headquartered in Paris, established in 1868 by John H. Harjes, Eugene Winthrop, and Anthony J. Drexel. By 1871, with the creation of Drexel, Morgan & Co. in partnership with J. Pierpont Morgan, the firm became the French branch of a global banking consortium that maintained offices in London, Philadelphia, New York City, and Paris. This network ultimately developed into what is recognized today as J.P. Morgan & Co.
Drexel, Harjes & Co. (1868–1895)
Only three years after its inception, Drexel, Harjes & Co. significantly contributed to post-Franco-Prussian War recovery efforts by serving as a principal lender to the French government during the repayment of war indemnities.
Additionally, the company managed a crucial transfer of $50 million from the United States to France to finance French stakes in the Panama Canal, which facilitated the commencement of U.S.-led construction in 1904.
Morgan, Harjes & Co. (1895–1926)
Following the death of Drexel in 1895, control of Drexel, Morgan & Co. passed to J. Pierpont Morgan, who rebranded it as J.P. Morgan & Co.. Concurrently, Drexel, Harjes & Co. was renamed Morgan, Harjes & Co.
John H. Harjes retired in 1909, with his son, Henry Herman Harjes, who had been a partner since 1898, taking over leadership responsibilities.
During World War I, Morgan Harjes played an instrumental role by arranging loans for the Allies to finance procurement of U.S. military supplies. Despite its vital contribution to wartime financing, the firm later faced scrutiny for profiting from war-related loans.
Morgan & Cie. (1926–1975)
After Henry Herman Harjes tragically died in a polo accident in 1926, leadership transitioned away from the Harjes family to John Ridgeley Carter—a former American diplomat and partner since 1914—who assumed senior partner status. The firm was subsequently renamed Morgan & Cie.
Throughout World War II, Morgan & Cie stood out as the sole bank connected to Allied powers that continued operations under the occupation of Paris.
In 1967, Morgan Guaranty Trust divested two-thirds of its ownership in Morgan & Cie to Morgan Stanley, establishing Morgan et Compagnie International as a platform for Morgan Stanley’s global expansion efforts. This collaboration between branches of the House of Morgan was among the limited entities to endure following the enactment of the Glass–Steagall Act.
By 1975, Morgan Stanley unified its overseas activities through the formation of Morgan Stanley International Incorporated in London, incorporating subsidiaries such as Morgan et Compagnie International.