Around the same time, Morgan teamed up with Canadian-American railroad executive James Hill to create another new corporation, the Northern Securities Company.
On his initiative, the Northern Securities Company, formed to obtain control of certain great western railways, was dissolved by order of the Supreme Court.
" Internationals still hold sway in big-ticket, cross-border mergers and acquisitions, " says Anup Bagchi, who runs ICICI Securities, the investment-banking arm of India's second-largest bank.
In 1995 CCB and Morgan Stanley, another Wall Street bank, set up CICC; in 2004 Goldman was allowed to establish the first foreign securities joint venture.