Kidder, Peabody & Co.

Kidder, Peabody & Co. was a U.S.-based securities firm, established in Massachusetts in 1865. Its operations included investment banking, brokerage, and trading.

The Firm was sold to the General Electric Company in 1986 and following heavy losses was subsequently sold to PaineWebber in 1994. After the acquisition by PaineWebber, the Kidder, Peabody name was dropped, ending the firm's 130 year presence on Wall Street. In November 2000, PaineWebber itself was merged with UBS AG.

History

Early history

Kidder, Peabody & Co. was established in April 1865 by Henry P. Kidder, Francis H. Peabody, and Oliver W. Peabody. The firm was formed through a reorganization of its predecessor company, J.E. Thayer & Brother, where the three founding partners had previously worked as clerks.

Kidder, Peabody acted as a commercial bank, investment bank, and merchant bank. The firm had an active securities business, dealing in treasury bonds and municipal bonds, as well as corporate bonds and stocks. Kidder also actively traded and invested in securities for its own account.