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ULTIMATE ACHIEVERS: JAMES REYNOLDS JR. MAKING NEW YORK CITY HISTORY

ULTIMATE ACHIEVERS: JAMES REYNOLDS JR. MAKING NEW YORK CITY HISTORY

It was a collapse of epic proportions. The financial crisis in 2008 created an atmosphere of panic and fear not only on Wall Street but throughout the world as the bursting of a global housing bubble left financial institutions without liquidity. The Lehman Bros. bankruptcy heralded unprecedented failures for American and European banks despite governmental bailout efforts. Markets worldwide plummeted in the worst financial catastrophe since the Great Depression.

This environment led James Reynolds Jr. and his team to put on their strategic thinking caps. The chairman and CEO of Chicago-based Loop Capital Markets L.L.C. (No. 1 in taxable securities with $2.248 billion in lead issues and No. 2 in tax-exempt securities with $4.961 billion in lead issues on the BE investment banks list) saw an opportunity as large, global investment banks—which were involved in the subprime market—downsized, merged, or went bankrupt, leaving scores of talented banking professionals jobless or disenchanted. “The collapse of behemoths Bear Stearns and Lehman Brothers, in addition to the acquisition of Merrill Lynch by Bank of America, presented a unique opportunity for Loop Capital Markets to expand,” recalls Reynolds.

All told, Loop Capital hired more than 25 people from large Wall Street companies that downsized their bond departments and global equity divisions. The larger staff enabled Loop Capital to service not just the largest institutional bond and equity investors but second- and third-tier institutions often overlooked by big Wall Street firms. (more)

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Article by ALAN HUGHES, Black Enterprise | Read full article here