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The corporation, formed by J.P. Morgan & Co. employees Henry S. Morgan (grandson of J.P. Morgan), Harold Stanley and others, came into existence on September 16, 1935. In its first year the company operated with a 24% market share (US$1.1 billion) in public offerings and private placements. The main areas of business for the firm today are Global Wealth Management, Institutional Securities and Investment Management. The company found itself in the midst of a management crisis in the late 1990s that resulted in a loss of a number of the firm's staff and ultimately saw the firing of its then CEO Philip Purcell in 2005. |