By Max Reyes
February 7, 2022, 12:00 AM EST, quoted below in part.
See full story at Bloomberg.com
The successes of Salomon Brothers bankers -- along with their excesses -- were once synonymous with Wall Street, as depicted in the books “Liar’s Poker” and “Barbarians at the Gate.” Now a group of former employees is reviving the storied name, hoping to use it as they ramp up a new firm.
The “full-service investment bank” will cater to businesses in New York State seeking $3 million to $300 million in equity capital, the company said in a statement. The firm said it intends to hire hundreds of staff in the coming years.
“Salomon Brothers is a legendary name that has a tremendous following,” President R. Adam Smith said in an interview. “We have the honor to carry that legacy on our shoulders and to share that with bankers.”
. . .
“We believe that in the case of the modern Salomon Brothers, the brand is the star, not ourselves as individuals,” Smith said.
Even so, there will still be a chance for bankers to make a name for themselves by launching independent, boutique investment-banking practices that would still be able to draw on the larger organization’s reputation and resources, Smith said.
. . .