Business Services Industry
DONALDSON LUFKIN JENRETTE: PIONEER IN ON-LINE TRADING;Firm among first to offer retail electronic brokerage; market share down as cheaper services arrive.
Crain's New York Business, May, 2000 by gandel, stephen
the first strategic meeting for donaldson lufkin & Jenrette's newly formed on-line brokerage division fell on the last day of the 1980s bull market: Oct. 19, 1987. That day's 508-point plunge-the largest percentage decline in stock market history-cratered profits at the major Wall Street firms for the next few years.
Blake Darcey and DLJ, though, decided to go ahead with plans to launch an on-line service that would allow customers to trade stocks using their computers through Prodigy Communications Corp.'s dial-up network. ``It caused us to pause briefly and do a gut check,'' says Mr. Darcey, now chief executive of DLJdirect Inc. ``But in the end we decided to go forward.'' That decision changed life not only for Mr. Darcey and DLJ-which raised $320 million...
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