3min chapter

Masters in Business cover image

Jenny Johnson on Managing a Trillion-Dollar Firm

Masters in Business

CHAPTER

Franklin's Divorce From the Bank

Franklin divests out of banking, credit card and auto financing business. Why? "Regulations for asset managers to have a bank were such that it was, it would inhibit us a bit" It's always nice to have lending arm when you have high-net worth business like fiduciary trust. How has Franklin changed over the ensuing decades? "I think we divested post-financial crisis," he says.

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