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Donaldson, Lufkin & Jenrette or DLJ is a defunct U.S. investment bank founded by William H. Donaldson, Richard Jenrette and Dan Lufkin in 1959. Its businesses included securities underwriting; sales and trading; investment and merchant banking; financial advisory services; investment research; venture capital; correspondent brokerage services; online, interactive brokerage services; and asset management.

In August 2000, DLJ (which was majority owned by AXA Financial) announced that it was being acquired by Credit Suisse. The firm was headquartered at 277 Park Avenuemarker in New York City and employed 11,300 people as of July 2000.

History

Donaldson, Lufkin and Jenrette founded the firm on the principle that no one else on Wall Street was doing high quality independent corporate research. They not only centered the firm around this notion but ended up being one of the best ever. As research became more of a commodity throughout the 80s and 90s they had since expanded into other businesses. One of them was a dominance in high yield fixed income securities. They gained this dominance in both underwriting and trading by astutely picking up most of the expertise from Drexel Burnham Lambert after its demise in the late 1980s.

DLJ's online brokerage business was first called the Personal Computer Financial Network (PCFN). It was later renamed DLJDirect in 1997. DLJDirect, was spun off from DLJ in 1999. Following DLJ's acquisition by Credit Suisse, DLJDirect was renamed CSFBDirect. CSFBDirect was renamed HarrisDirect after being sold to the Bank of Montreal in 2002 and was eventually re-sold to E-Trade in early 2006. The Pershing Division of DLJ (Harris) remained until being sold to the Bank of New York in 2003.

Credit Suisse's acquisition of DLJ closed in November 2000 with a purchase price of approximately $11.5 billion. Credit Suisse still uses the DLJ brand for its private equity operations, such as DLJ Merchant Banking Partners, DLJ Investment Partners & DLJ Real Estate Capital Partners entities.

DLJ may be best known to the general public as the investment bank portrayed in the book Monkey Business: Swinging Through the Wall Street Jungle, by John Rolfe and Peter Troob.

Notable alumni



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