Dennis Weatherstone
Dennis Weatherstone | |
---|---|
Born | Marylebone, London, England | 29 November 1930
Died | 13 June 2008 | (aged 77)
Occupation(s) | Banker and businessman |
Sir Dennis Weatherstone
Sir Dennis became a vice chairman and director in 1979, chairman of the executive committee a year later and President in 1987. In 1990, he was named chairman and chief executive officer and was knighted by
Later that year, Sir Dennis helped the firm earn Federal Reserve authority to trade and sell corporate stocks, making J. P. Morgan the first bank-related securities firm with a full range of securities powers. A decade later, the Glass–Steagall Act was repealed, allowing banking companies to provide any service, whether it be a loan, advice or a securities offering.
JPMorgan invented value-at-risk (VaR) as a tool for measuring exposure to trading losses. The tool emerged in the wake of the 1987 stock market crash when Sir Dennis asked his division chiefs to put together a briefing to answer the question: "How much can we lose on our trading portfolio by tomorrow's close?"
Sir Dennis served as an independent member of the Board of Banking Supervision of the Bank of England from 1995 through 2001. He was also a board member of
References
- J.P. Morgan & Co. Shareholder Report (1994 and 1995)
- "Dennis Weatherstone, Banking Sage, Dies at 77". The New York Times, June 18, 2008.
- Remembering Dennis Weatherstone[permanent dead link]
- Bloomberg Financial Database