Peter A. Cohen
Encyclopedia
Peter A. Cohen was the former Chairman and Chief Executive Officer of Shearson Lehman Brothers, later known as Shearson Lehman Hutton from 1983 through 1990. Today, Cohen serves as Chairman and CEO of Cowen Group, formerly known as Cowen & Company.
and in 1970, joined CBWL-Hayden Stone. In 1973, Cohen would take a position as Assistant to the firm's chairman, Sanford I. Weill
, the architect of a major consolidation of brokerage and investment banking firms in the 1960s and 1970s. Cohen would remain with the firm through its various mergers in the 1970s, including Shearson, Hammill & Co.
and Loeb, Rhoades, Hornblower & Co.
In 1978, Cohen left Shearson for one year to work for Edmond Safra
at Republic New York Corporation and the Trade Development Bank
before returning to Shearson
in 1979. Shearson merged with American Express
in 1981 at which time he became President & Chief Operating Officer and in 1983 Chairman and Chief Executive Officer. At age 36, Cohen was by far the youngest head of a major Wall Street firm.
In 1988, Cohen was a key player in the leveraged buyout
of RJR Nabisco
. Cohen and Shearson Lehman supported the company's CEO F. Ross Johnson
in a proposed $17 billion buyout. Ultimately, Johnson and Cohen lost their bid for the company and RJR Nabisco
was acquired by the private equity firm Kohlberg Kravis Roberts. Cohen was portrayed by Peter Riegert
in the 1993 film Barbarians at the Gate
depicting the RJR Nabisco buyout.
In 1991, Cohen founded the securities and asset management businesses of Republic National Bank of New York
. From November 1992 to May 1994, Cohen was Vice Chairman and a director of Republic New York
.
in 1968 and received his MBA from Columbia Business School
in 1969.
Career
Cohen began his career on Wall Street at Reynolds & Co., later part of Dean Witter ReynoldsDean Witter Reynolds
Dean Witter Reynolds was an American stock brokerage and securities firm catering to retail clients. Prior to its acquisition, it was among the largest retail firms in the securities industry with over 9,000 account executives and was among the largest members of the New York Stock Exchange...
and in 1970, joined CBWL-Hayden Stone. In 1973, Cohen would take a position as Assistant to the firm's chairman, Sanford I. Weill
Sanford I. Weill
Sanford I. "Sandy" Weill is an American banker, financier and philanthropist. He is a former chief executive officer and chairman of Citigroup. He served in those positions until October 1, 2003, and April 18, 2006, respectively....
, the architect of a major consolidation of brokerage and investment banking firms in the 1960s and 1970s. Cohen would remain with the firm through its various mergers in the 1970s, including Shearson, Hammill & Co.
Shearson, Hammill & Co.
Shearson, Hammill & Co. was a Wall Street brokerage and investment banking firm founded in 1902 by Edward Shearson and Caleb Wild Hammill. The firm originally built its business as a stock broker as well as a broker of various commodities, particularly grain and cotton...
and Loeb, Rhoades, Hornblower & Co.
Loeb, Rhoades & Co.
Loeb, Rhoades & Co. was a Wall Street brokerage firm founded in 1931 and acquired in 1979 by Sanford I. Weill's Shearson Hayden Stone. Although the firm would operate as Shearson Loeb Rhoades for two years, the firm would ultimately be acquired in 1981 by American Express to form Shearson/American...
In 1978, Cohen left Shearson for one year to work for Edmond Safra
Edmond Safra
Edmond J. Safra was a Jewish Brazilian-naturalized, Lebanese banker who continued the family tradition of banking in Lebanon, Brazil and Switzerland. He married Lily Watkins. He died in a fire that attracted wide media interest and was judicially determined to be due to arson.-Life of Edmond...
at Republic New York Corporation and the Trade Development Bank
Trade Development Bank
Trade Development Bank was a private Geneva-based bank built by Edmond Safra in the 1950s. Beginning with only $1 million, the bank grew into the flagship of Safra’s international banking empire with nearly $5 billion in deposits by the early 1980s...
before returning to Shearson
Shearson
Shearson was the name of a series of investment banking and retail brokerage firms from 1902 until 1994, named for Edward Shearson and the firm he founded, Shearson Hammill & Co...
in 1979. Shearson merged with American Express
American Express
American Express Company or AmEx, is an American multinational financial services corporation headquartered in Three World Financial Center, Manhattan, New York City, New York, United States. Founded in 1850, it is one of the 30 components of the Dow Jones Industrial Average. The company is best...
in 1981 at which time he became President & Chief Operating Officer and in 1983 Chairman and Chief Executive Officer. At age 36, Cohen was by far the youngest head of a major Wall Street firm.
In 1988, Cohen was a key player in the leveraged buyout
Leveraged buyout
A leveraged buyout occurs when an investor, typically financial sponsor, acquires a controlling interest in a company's equity and where a significant percentage of the purchase price is financed through leverage...
of RJR Nabisco
RJR Nabisco
RJR Nabisco, Inc., was an American conglomerate formed in 1985 by the merger of Nabisco Brands and R.J. Reynolds Tobacco Company. RJR Nabisco was purchased in 1988 by Kohlberg Kravis Roberts & Co...
. Cohen and Shearson Lehman supported the company's CEO F. Ross Johnson
F. Ross Johnson
-Biography:Born in Winnipeg, Manitoba, into a lower-middle-class family, he used a military cadet scholarship program to attend the University of Manitoba where he graduated in 1952 with a Bachelor of Commerce degree and was a member of the fraternity Phi Delta Theta. He went on to earn an M.B.A....
in a proposed $17 billion buyout. Ultimately, Johnson and Cohen lost their bid for the company and RJR Nabisco
RJR Nabisco
RJR Nabisco, Inc., was an American conglomerate formed in 1985 by the merger of Nabisco Brands and R.J. Reynolds Tobacco Company. RJR Nabisco was purchased in 1988 by Kohlberg Kravis Roberts & Co...
was acquired by the private equity firm Kohlberg Kravis Roberts. Cohen was portrayed by Peter Riegert
Peter Riegert
Peter Riegert is an American actor, screenwriter, and film director, best known for his role as Boon from Animal House and crooked New Jersey State Assemblyman Ronald Zellman on the HBO original series The Sopranos.-Early life:...
in the 1993 film Barbarians at the Gate
Barbarians at the Gate (film)
Barbarians at the Gate is a television movie based upon the book by Bryan Burrough and John Helyar, about the leveraged buyout of RJR Nabisco.The film was directed by Glenn Jordan and written by Larry Gelbart. It stars James Garner as F...
depicting the RJR Nabisco buyout.
In 1991, Cohen founded the securities and asset management businesses of Republic National Bank of New York
Republic New York
Republic New York Corporation was the holding company for the Republic National Bank of New York and the Safra Republic Bank. The company was controlled by billionaire Edmond Safra, who was killed in a fire in his Monte Carlo penthouse apartment by his nurse Ted Maher...
. From November 1992 to May 1994, Cohen was Vice Chairman and a director of Republic New York
Republic New York
Republic New York Corporation was the holding company for the Republic National Bank of New York and the Safra Republic Bank. The company was controlled by billionaire Edmond Safra, who was killed in a fire in his Monte Carlo penthouse apartment by his nurse Ted Maher...
.
Early life
Cohen was raised on Long Island, New York. Cohen graduated from Ohio State UniversityOhio State University
The Ohio State University, commonly referred to as Ohio State, is a public research university located in Columbus, Ohio. It was originally founded in 1870 as a land-grant university and is currently the third largest university campus in the United States...
in 1968 and received his MBA from Columbia Business School
Columbia Business School
Columbia Business School is the business school of Columbia University in Manhattan, New York City. It was established in 1916 to provide business training and professional preparation for undergraduate and graduate Columbia University students...
in 1969.