Special report | Convergence
Clash of the titans
The new giants of Wall Street are breaking down old boundaries
|5 min read
“The marked increase in the popular participation in securities transactions has definitely placed under the control of financiers the wealth of the Nation.” Thus concluded the Senate’s report into the causes of the stockmarket crash of 1929. The world is again in an age of truly powerful financiers. Some giants of today simply reflect the size of America’s economy. JPMorgan Chase, the largest bank, is big because America is. But others owe their heft to how the structure of markets has changed.
This article appeared in the Special report section of the print edition under the headline “Clash of the titans”
From the May 31st 2025 edition
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