Morgan, Grenfell & Co. was a leading London-based investment bank regarded as one of the oldest and once most influential British merchant banks. It had its origins in a merchant banking business commenced by George Peabody. Junius Spencer Morgan became a partner in 1854. After Peabody retired the business was styled J. S. Morgan & Co. In 1910, it was reconstituted as Morgan Grenfell & Co. in recognition of the senior London-based partner, Edward Grenfell, although J. P. Morgan & Co. still held a controlling interest. In the 1930s, it became a commercial bank and the Morgan family relinquished their controlling interest in the business. After a period of retrenchment, it expanded under the management of second Viscount Harcourt in the 1960s. The link with J. P. Morgan & Co. ended completely in the 1980s. The business also became embroiled in the Guinness share-trading fraud at that time. In 1990, Morgan Grenfell was acquired in an agreed deal by its minority shareholder, Deutsche Bank. The use of the Morgan Grenfell name was discontinued by Deutsche Bank in 1999. History The Peabody era The bank emerged from the merchant banking business commenced by George Peabody on his own account when he took up residence in London in 1838 pursuant to his commodities merchanting business (Peabody, Riggs & Co.) in which had already made his fortune. The banking business was formally incorporated in 1851 as George Peabody & Co. and by the time of Peabody's retirement in 1864 had become the largest American merchant bank in London. In 1854 Peabody had taken on Junius Spencer Morgan as a partner with just under a 9% interest in the capital of the firm and a 28% interest in its profits. The firm expanded rapidly especially in the business of extending credits for the transatlantic trade. However, it came under severe strain during the global financial crisis of 1857 principally as a result of the difficulties experienced by and in some cases the bankruptcy of Peabody & Co.'s American agents. In late 1857 Peabody & Co. were obliged to seek help in the form of a loan from the Bank of England. Paradoxically, the fact that the Bank felt it necessary to support Peabody & Co. rather than risk its failure, underlined the important position the firm had by this time achieved and Peabody & Co. emerged from the crisis with reputation intact, if not