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Chase and Wells Banks Purchase Trading Firms Uncertain Future for Equity Pros

Traders Magazine, October 1999

Peter Chapman

Two more banking bigfoots have shaken up the brokerage world, leaving a group of equity traders trying to figure out what will happen to them.

In the space of one week, Chase Manhattan Bank paid $1.35 billion for top Silicon Valley underwriter Hambrecht & Quist, while San Francisco retail giant Wells Fargo acquired Seattle brokerage Ragen MacKenzie for $250 million.

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