Reynolds Securities
| Company type | Public |
|---|---|
| Industry | Financial services, Brokerage |
| Founded | 1931 in New York City, United States |
| Founder | Richard S. Reynolds, Jr. |
| Fate | Merged with Dean Witter & Co. in 1978 to form Dean Witter Reynolds Organization Inc. |
| Headquarters | New York City , United States |
Area served | United States, Switzerland (Lugano and Lausanne) |
Key people | Richard S. Reynolds, Jr. (founder), John D. Baker (senior partner from 1951), Robert M. Gardiner (leader from 1958) |
Number of employees | 3,100+ (1978) |
Reynolds Securities was a brokerage firm publicly traded and founded in 1931 by Richard S. Reynolds, Jr.. In 1978, it combined with Dean Witter & Co. to create Dean Witter Reynolds Organization Inc., representing the largest Wall Street merger at that time.
The company’s slogan, originally "We work for a world of investors. One at a time.", evolved into "We measure success one investor at a time," a phrase subsequently adopted by Dean Witter and Morgan Stanley.
History
In 1931, Reynolds & Company was launched in New York City by Richard S. Reynolds, Jr., an heir to the tobacco industry, alongside Charles H. Babcock and his cousin Thomas F. Staley. The firm welcomed senior partner John D. Baker in 1951.
The Reynolds family had deep business connections: Richard S. Reynolds’ father founded U.S. Foil Company (which became Reynolds Metals), and his great uncle established R. J. Reynolds Tobacco Company.
Like Dean Witter & Co., Reynolds successfully navigated the Great Depression with profitability and pursued growth through acquisitions, including the 1934 purchase of F.A. Willard & Co., which tripled sales and shifted emphasis toward underwriting services.
Leadership changed hands in 1958 when Robert M. Gardiner assumed control, overseeing expansion by acquiring 26 offices from A.M. Kidder & Co., along with additional locations and new regional firms during the early 1960s.
Ahead of its initial public offering (IPO) in 1971, Reynolds incorporated as Reynolds Securities, following a Wall Street trend initiated by Merrill Lynch’s IPO. By 1976, the company introduced REYCOM, a sophisticated high-speed wire system, and broadened its international footprint with offices in Lugano and Lausanne, Switzerland. The acquisition of Baker Weeks & Co. in 1977 strengthened its securities research division.
At the time of its 1978 merger with Dean Witter & Co., Reynolds Securities had a workforce exceeding 3,100 employees spread across 72 offices and reported gross revenues close to $120 million.