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Article: U.S. Bank, Piper saw `future,' but it didn't work; `Synergies' between bank, brokerage proved illusory.(BUSINESS)(On Business)
- Article from:
- Star Tribune (Minneapolis, MN)
- Article date:
- July 9, 2004
- Author:
CopyrightCOPYRIGHT 2004 Star Tribune Co. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Neal St. Anthony; Staff Writer
The CEO of newly independent Piper Jaffray Companies lectured earlier this week at the University of Minnesota on why cultural and other differences between bankers and brokers resulted in the failure of Piper's 1998 merger into neighboring U.S. Bancorp.
It could have been subtitled, "The dumb things millionaire executives will do when swept up by Wall Street-size waves."
For the right price, just about any corporate executive will crow about "synergies" that internal skeptics - and the next crew of executives - say never amounted to much.
U.S. Bancorp, now under new management, is wonderfully ...