A New Financial Supermarket

American Express leaves home with Shearson

The deal was an exquisite nugget of Wall Street craftsmanship that concluded at 1:30 one morning last week after an elegant steak and wine dinner in the white and gold opulence of an executive dining room on the 106th floor of New York City's World Trade Center. It was big—very, very big—the biggest ever between two members of Wall Street's financial community. Giant American Express (1980 sales: $5.5 billion) and Shearson Loeb Rhoades, the second largest U.S. brokerage house (1980 sales: $653 million) agreed to merge. Terms:...

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