John Gutfruend (Salomon King of Wall Street) dies at 86.

John Gutfreund
John Gutfreund – quotesgram.com

Bloomberg –

John Gutfreund, who was proclaimed the “King of Wall Street” in 1985 for harnessing the egos and fiefdoms of Salomon Brothers into one of the most profitable investment-banking firms, only to be deposed after a 1991 trading scandal, has died of  pneumonia. He was 86.

He died Wednesday at New York Presbyterian/Weill Cornell Medical Center in New York, according to his son, John Gutfreund.

“As managing partner and later as chairman, Gutfreund (pronounced GOOD-friend) transformed Salomon from a traditional bond-trading firm into a pioneer in businesses such as mortgage-backed securities, under Lewis Ranieri, and computer-driven trading techniques, under John Meriwether. It also became the largest underwriter of municipal bonds, the department where Gutfreund got his start.”

He is most notable for

  • Turning the bond firm(Salomon) into publicly traded securities powerhouse
  • Overseeing the push into mortgage-backed debt, computer trading

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