enhanced, and were able to repay the loan in March 1858. The Morgan era Peabody himself emerged from the crisis tired and ill. While remaining senior partner for the time being, he increasingly withdrew from the business leaving Morgan as its effective head. Peabody's focus became the philanthropic use of his considerable fortune. Peabody, who died in 1869, finally retired in 1864 when his 10-year partnership agreement with Morgan came to an end. Morgan formally assumed control of the business but had to accept Peabody's unwillingness to see the firm (over which he would no longer have any control or influence) continue to trade under the Peabody name benefitting from the reputational goodwill the Peabody & Co. name had in the marketplace. As a consequence the firm was re-styled J. S. Morgan & Co. The firm's New York agency was in due course to become J. P. Morgan & Co., named after Junius' son, John Pierpont ("J. P.") Morgan. On the death of Junius in 1890 Pierpont became the senior partner of the London firm. By 1910 all the firm's Morgan family partners were resident in the US and to reflect this the London partnership was restructured with J. P. Morgan & Co. in the US assuming a 50% ownership of the London business which was reconstituted as Morgan Grenfell & Co. in recognition of the senior London-based partner, Edward Grenfell. For many years the business was heavily focused on transatlantic business. This led to the Morgan houses playing an important role in the First World War with J. P. Morgan and Co. acting as the British Government's purchasing and financial agent in the US with purchases and associated loans and exchange business channelled through Morgan Grenfell and J. P. Morgan & Co.. After the war the Morgan houses played a key role in European post-war financial reconstruction in the 1920s. It was also during this period that the firm built a leading corporate finance business organising and advising on the issuance and underwriting of domestic securities. Retrenchment Consequent to the Glass–Steagall Legislation of 1933 J. P. Morgan & Co. had to choose between being a commercial or an investment bank. The partners chose the former and as a result were required to relinquish their controlling interest in Morgan Grenfell which was to continue to conduct both lending and investment banking business. This was achieved in 1934 by incorporating the