Wall Street tumbles, we celebrate: Piper Jaffray now 5th largest investment bank
While the rest of the country runs around like chickens with their heads cut off, let's take a moment to celebrate. Minneapolis-based Piper Jaffray is now the fifth-largest investment firm in the country basically because it didn't file for bankruptcy in the last month.
At the start of the year, Piper Jaffray ranked No. 10 by market capitalization.
Here is a quick recap from Minneapolis St. Paul Business Journal of the sad tumble of the top investment firms that Piper Jaffray can thank for their newfound celebrity:
The year’s shakeup has basically cleared the top five spots: New York’s Lehman Brothers filed for bankruptcy; Merrill Lynch and Bear Stearns were bought by Bank of America and JP Morgan Chase, while Goldman Sachs Group and Morgan Stanley – formerly the two largest investment banks – restructured themselves into bank holding companies Monday.
The realignment created a new top list of largest investment banks - which is now led by St. Petersburg, Fla.-based Raymond James Financial. Jefferies & Co. is the second-largest firm now, followed by Greenhill & Co. (No. 3) and Keefe Bruyettte & Woods (No.4).