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Shearson
Shearson was the name of a series of investment banking and retail brokerage firms from 1902 until 1994, named for Edward Shearson〔(A thousand American Men of Mark of Today ). 20th Edition, 1917. p.323〕〔(Edward Shearson, A Stockbroker, 86 ). New York Times, November 1, 1950〕 and the firm he founded, Shearson Hammill & Co. Among Shearson's most notable incarnations were Shearson / American Express, Shearson Lehman / American Express, Shearson Lehman Brothers, Shearson Lehman Hutton and finally Smith Barney Shearson.
For its first eight decades, the firm operated independently and merged with a number of Wall Street's most venerable securities firms including Hayden Stone & Co. and Loeb Rhoades & Co.. In 1981 Shearson was acquired by American Express and operated as a subsidiary of the financial services company before being merged with Lehman Brothers Kuhn Loeb in 1984 and E.F. Hutton & Co. in 1988.
In 1993 Shearson was sold to Primerica, the predecessor of Citigroup, and merged with its retail brokerage business, Smith Barney, to create ''Smith Barney Shearson''. The Shearson name was discontinued in 1994.〔(Shearson Name may Disappear ). New York Times, November 10, 1993〕
==History==
Shearson Lehman Hutton was the result of the combination of a number of venerable Wall Street firms over a 25-year period beginning in the early 1960s that included Lehman Brothers, Kuhn Loeb, E.F. Hutton, Hayden Stone & Co., Shearson, Hammill & Co., Loeb, Rhoades & Co., Hornblower & Company and Cogan, Berlind, Weill & Levitt, which ultimately came together under the ownership of American Express.
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