Dillon, Read & Co.

Dillon, Read & Co. was a prominent American investment bank from the 1920s into the 1960s.

Dillon Read traces its roots to 1832 with the founding of the Wall Street brokerage firm Carpenter & Vermilye. This firm was succeeded by Read & Company in which chief principal was William A. Read. An area of particular activity was underwriting the bonds of Latin American governments. However, it is best known for its actions during the 1920s. During that time Clarence Dillon managed the rescue of faltering Goodyear Tire & Rubber Company, engineered the buyout (in 1925) and subsequent sale of Dodge Motors (in 1928) to Chrysler, launched the first post-war closed-end investment trust (in 1924), and led the largest-ever stock offering (in 1926). By the end of the decade, Dillon Read was considered to be an investment-banking powerhouse, alongside J.P. Morgan & Co. and Kuhn, Loeb & Co. Nicholas F. Brady served as Chairman from 1970 to 1982, before serving as a United States Senator from New Jersey and as U.S. Secretary of the Treasury under Ronald Reagan and George H.W. Bush. C. Douglas Dillon, the son of Dillon Read co-founder Clarence Dillon, served as Vice President and Director of Dillon Read before serving as U.S. Secretary of the Treasury under John F. Kennedy and as U.S. Undersecretary of State and U.S. Ambassador to France under Dwight Eisenhower.

Dillon Read was sold to Barings in 1991, a few months before Barings went bankrupt. Bought back by Dillon Read's partners, it was resold to Travellers, the US insurance group. It was then purchased by Swiss Bank Corporation (SBC) in 1997 and merged with London-based investment bank S. G. Warburg & Co. (purchased by SBC in 1995) to become SBC Warburg Dillon Read. The merged entity then became part of UBS AG when the latter firm bought SBC.

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