Business Services Industry
A contrarian plan. (performance of investment bank Donaldson, Lufkin and Jenrette)
Crain's New York Business, August, 1996 by Willis, Gerri
Earnings soar at DLJ, vindicating its go-where-they-don't strategy John Chalsty uses a New Yorker cartoon to characterize his hopes for Donaldson Lufkin & Jenrette, the firm he heads as chief executive. In the drawing, a young child on Santas knee says he wants the same things as last year, "only more." Eleven months after DLJ went public, the firm is stoking impressive earnings gains, expanding into new business and adding staff.
The changes are emblematic of a strategy that the firm has followed to exploit business lines that larger rivals have ignored, and to limit DLJ's sights to areas where it could make an impact. "They did not try to become a full-service investment bank that was going head-to-head with Goldman Sachs and Morgan Stanley," says Samuel Hayes,...
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